Foreign Bank Accounts and Assets Reporting Question for 2025 Tax Season

Hey tax people, I'm freaking out a little about my overseas accounts and whether I need to report them. I moved to Singapore for work about 18 months ago and have been keeping most of my salary in a local bank there (around $32,000 currently). I also bought some stocks through a Singaporean brokerage that are now worth about $14,500. I'm still a US citizen and will be filing US taxes, but I have no idea if I need to do something special for these foreign accounts. Is there a specific form I need to fill out? Do I need to report these accounts if they're under a certain amount? And will I get hit with extra taxes for having money overseas? This is my first time dealing with foreign accounts on my tax return and I'm completely lost. Help!!

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18 comments

Isaac Wright

•8M

Yes, you absolutely need to report those foreign accounts. What you're looking for is the FBAR (Report of Foreign Bank and Financial Accounts) which is FinCEN Form 114, and possibly Form 8938 (Statement of Specified Foreign Financial Assets) depending on your total assets. The FBAR is required if your foreign financial accounts exceed $10,000 in aggregate at any point during the calendar year. With $32,000 in a bank and $14,500 in stocks, you're well over that threshold. The FBAR isn't filed with your tax return but is submitted electronically through the Financial Crimes Enforcement Network's BSA E-Filing System. The deadline is typically April 15, but there's an automatic extension to October 15. Form 8938 requirements depend on your filing status and whether you live abroad. Since you're living in Singapore, you'd need to file Form 8938 if your foreign assets exceed $200,000 at year-end or $300,000 at any point during the year. You're under those thresholds, so you probably don't need this form.

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Isaac Wright

•8M

The name does sound intimidating, but it's just about financial transparency, not an implication of criminal activity. The Bank Secrecy Act (which established FBAR requirements) was created to help identify things like money laundering, but having foreign accounts is completely legal as long as you report them properly. If you've missed filing FBARs in previous years, you should get compliant as soon as possible. The IRS has procedures for late filing. If your non-filing was non-willful (you genuinely didn't know), penalties may be reduced or waived, especially if you voluntarily disclose before they find you. The penalties for willful non-compliance can be severe, so it's always better to file, even late.

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Tami Morgan

•8M

After moving to Japan for work, I was in the exact same situation and was stressing about my foreign accounts too! I couldn't figure out if I needed the FBAR, 8938, or both, and the IRS instructions were super confusing. I ended up using https://taxr.ai to figure it out - you just upload your foreign account statements and it tells you exactly what forms you need and helps you fill them out correctly. It saved me hours of research and second-guessing myself. The tool analyzed my Japanese bank statements and investment accounts, then laid out exactly what I needed to report on which forms. It even explained the difference between FBAR reporting requirements and Form 8938 requirements, which was the part that confused me the most.

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Tami Morgan

•8M

Yes, it handled my Japanese statements without any issues! It can process statements in multiple languages and correctly identify the relevant account information. It saved me from manually translating everything, which was such a relief. The accuracy is actually why I recommend it - it's built specifically for tax compliance and uses the same rules the IRS follows. My accountant was impressed with how thorough the analysis was. The tool flags anything unusual that might need additional attention, and provides references to the specific tax codes that apply to your situation. That's what convinced me it was reliable.

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Rami Samuels

•8M

Just wanted to update - I took the advice and tried https://taxr.ai for my Brazilian accounts! It was way easier than I expected. Uploaded my Portuguese bank statements and it automatically extracted all the right information, converted the currency properly, and showed me exactly what I needed to report on my FBAR. It even flagged that one of my accounts briefly went over a threshold that affected my reporting requirements. Super grateful for the recommendation - saved me from spending a small fortune on an international tax specialist.

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Douglas Foster

•8M

If you need to talk to someone at the IRS about this foreign account stuff, good luck! I tried calling them about my FBAR questions for TWO WEEKS and could never get through. Then I found https://claimyr.com and used their service to get a callback from the IRS. You can see how it works here: https://youtu.be/_kiP6q8DX5c They got me connected to an IRS agent who specialized in international tax issues within a couple hours when I had been trying for days on my own. The agent clarified exactly what I needed to report from my Canadian accounts and confirmed I didn't need to file Form 8938 since I was under the threshold.

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Douglas Foster

•8M

They use an automated system that continually calls the IRS and waits on hold so you don't have to. When they reach an agent, they connect the call to your phone. There's no special access - they're just handling the frustrating hold time for you. The service specifically helped with my foreign account questions because I needed to speak to someone who understood FBAR requirements. I talked to an IRS representative who walked me through exactly what I needed to report about my Canadian investment accounts. It saved me from potentially making expensive mistakes on my filing.

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Haley Bennett

•8M

I have to admit I was wrong about Claimyr. After struggling with FBAR questions for weeks, I broke down and tried it yesterday. Got a call back from the IRS in about 90 minutes, which is insane considering I'd tried calling myself at least 8 times before. The agent walked me through the exact reporting requirements for my specific situation with accounts in multiple countries. They confirmed I needed to aggregate all accounts for the FBAR threshold and helped me understand which accounts qualified for reporting. Can't believe I wasted so much time trying to get through on my own.

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Ruby Knight

•8M

Don't forget about tax treaties! The US has tax treaties with many countries (including Singapore) that can prevent double taxation. These treaties don't eliminate your filing obligations, but they can reduce what you actually owe. Look into the Foreign Earned Income Exclusion (Form 2555) and Foreign Tax Credit (Form 1116) too. For 2024 tax year (filing in 2025), you can exclude up to $126,500 of foreign earned income if you meet either the bona fide residence test or the physical presence test. Singapore also has pretty high tax rates, so credits for taxes paid there might offset any US tax liability.

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Ruby Knight

•8M

You need to explicitly claim the Foreign Earned Income Exclusion by filing Form 2555 with your tax return. It doesn't happen automatically, and many people miss out on it because they don't know to claim it. The exclusion only applies to earned income (like your salary, wages, or self-employment income) - it doesn't cover investment income, capital gains, interest, or dividends. For investment income, you'd want to look at the Foreign Tax Credit on Form 1116, which can give you credit for taxes paid to Singapore on that income. The combination of these two tax benefits often means expats end up owing little or no additional US tax, but you still have to file and report everything.

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