FBAR & Retirement Savings

I called the FBAR hotline to inquire if retirement savings plans have to be reported.  I wasn’t sure because I figured that such could apply to the following listed exclusions:

  1. Foreign financial accounts owned by an international financial institution;
  2. IRA owners and beneficiaries;
  3. Participants in and beneficiaries of tax-qualified retirement plans;

I was told that one has to report one’s pensions plans and that the tax software that I used didn’t file the form along with the other forms, even though it seemed like it did.  I was also told that I couldn’t fax in the form, for whatever reason.


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