FBAR (Foreign Bank Account Reporting)
The following financial accounts and the assets held in such accounts are not specified foreign financial assets and do not have to be reported on Form 8938:
· A financial account that is maintained by a U.S. payer, such as a domestic financial institution. In general, a U.S. payer also includes a domestic branch of a foreign bank or foreign insurance company and a foreign branch or foreign subsidiary of a U.S. financial institution.
Examples of financial accounts maintained by U.S. financial institutions include: U.S. mutual funds accounts, IRAs (traditional or Roth), Section 401(k) retirement accounts, Qualified U.S. retirement plans and Brokerage accounts maintained by U.S. financial institutions.
· A financial account that is maintained by a dealer or trader in securities or commodities if all of the holdings in the account are subject to the mark-to-market accounting rules for dealers in securities, or an election under section 475(e) or (f) is made for all of the holdings in the account.
· There are also exceptions for duplicative reporting (Forms 3520, 5471, 8621, 8865).