Best Posts in Thread: U.S. Foreign Account Tax Compliance Act (FATCA)

Please tell me it isn't so, but here's a page on the FATCA reporting requirements:
Comparison of Form 8938 and FBAR Requirements

Note that if your accounts outside US reached a total of $10K anytime during the year you must file an FBAR. You are now under suspicion so to cover yourself a 1040 filing with 8938 to show you're not a 1 per-center might apply. Your Social Security benefits could go towards paying the fines.

Income tax filing is with the IRS, FBAR is with the Treasury Dept using the online BSA E-Filing System.
BSA E-Filing System - Welcome to the BSA E-Filing System

I somehow volunteered to help a victim thread the needle, luckily I'm too poor. What a relief!

 

If their only income is social security, they probably do not have to file an income tax return and do not have to attach the CAPCA form to a tax return. However, the banks here were directed to have each U.S. citizen sign their CAPCA document at the bank, if the total amount in the local bank is $50,000 or more, not $10,000, as I was told by our bank manager.