FATCA reporting done by the bank or individual?

[iada]

This is the first year I am handling the foreign assets reporting and my understanding is there is a 1) Form 8983 that you have to file to the IRS along with 2) FBAR which is to the FINCEN.

Is there also something related to FATCA reporting that I have to do before April 15 each year? My understanding is that when I setup my foreign bank account last year, the bank already handled this for me already?

Are there any other "gotchu's" I have to be aware of?

 

[tyler112]

@iada The filing threshold for 8938 is much higher for individuals living abroad.

8938 is filed with your return and has the same due date; those abroad on the regular due date (15 Apr) get an automatic two-month extension, and you can easily apply for another 3 months on top of that.

FBAR due date follows the regular due date for the return (15 Apr), however FinCEN is allowing an automatic extension to 15 Oct.

There are some other differences in what is reported on 8938 vs FBAR.

 

[iada]

@tyler112 Yes but what about FATCA? Do I have to contact the bank to remind them to report or have they already technically reported to the IRS when they opened my account?

https://www.irs.gov/businesses/corporations/summary-of-fatca-reporting-for-us-taxpayers

"FATCA will also require certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners."

 

[tyler112]

@iada FATCA refers to a number of regulations. Your responsibility regarding FATCA is only to file 8938 when required, and to file W9 with the bank when you open an account.