Neteller sums of <$10,000

[GDadsForever]

I never had more than $10,000 in my Neteller account at one time, but combined deposits total over this amount. Should I still file the FBAR form?

[PokeReader]

You only need to file if your accounts in aggregate totalled more than 10K. So if you did not have another account you are OK. By the way, credit cards from foreign banks also count.

[AA Suited]

whats FBAR?

[BigAlK]

[ QUOTE ]
whats FBAR?

[/ QUOTE ]

Not sure what it is an acronym for (maybe foreign bank account reporting) but it is a federal government requirement to file this report if you have more than $10,000 in foreign accounts at any point.

[furyshade]

is there any necessary step to take other than withdrawl for sums less than 10k?

[BigAlK]

[ QUOTE ]
is there any necessary step to take other than withdrawl for sums less than 10k?

[/ QUOTE ]

I'm not an expert on this since it doesn't apply to me (you could possibly find something more accurate in past threads) but my understanding is withdrawls are not the driving factor. It is whether you had a balance of 10K or more at any point in the reporting year. This balance is an aggregate among all accounts. I'm not sure what accounts need to be considered (for example whether poker sites need to be considered) however it seems clear that netteller and foreign banks do.

[PokeReader]

The IRS could apply FBAR's (guessed right about acyronym), to poker sites, but they are not doing so at this time. So I would definitely not include them until they do. There is a giant list of everything now included under FBAR in one of the IRS sites I included in the major FBAR thread before the deadline. Generally, most things that require the filing of a CTR here now require an FBAR, plus many foreign stock funds, currency funds, etc..., plus any type of bank account, or anything that has a banking type of function. Foreign casinos can fall under FBAR, this was more difficult to find out more information about, but it seemed to be only if they were loaning credit to the player. I suggest anyone with FBAR questions looks for the major thread from last week, (not the ones where people asked individual questions). The enhanced penalties for FBAR's are finally fully going into effect, and as such the downside for not properly filling can be enormously high, (lowest possible penalty is 10K, willing violation is 100K or half the account max, whichever is more, and criminal FBAR can be up to 500K and 10 years if there is a pattern of criminal activity).

[furyshade]

[ QUOTE ]
[ QUOTE ]
is there any necessary step to take other than withdrawl for sums less than 10k?

[/ QUOTE ]

I'm not an expert on this since it doesn't apply to me (you could possibly find something more accurate in past threads) but my understanding is withdrawls are not the driving factor. It is whether you had a balance of 10K or more at any point in the reporting year. This balance is an aggregate among all accounts. I'm not sure what accounts need to be considered (for example whether poker sites need to be considered) however it seems clear that netteller and foreign banks do.

[/ QUOTE ]
i have never had 10k+ on neteller, so do i need any extra steps to withdraw is my question

[PokeReader]

Unless you had other accounts that count under FBAR you are fine.

[AA Suited]

[ QUOTE ]
The IRS could apply FBAR's (guessed right about acyronym), to poker sites, but they are not doing so at this time. So I would definitely not include them until they do. There is a giant list of everything now included under FBAR in one of the IRS sites I included in the major FBAR thread before the deadline. Generally, most things that require the filing of a CTR here now require an FBAR, plus many foreign stock funds, currency funds, etc..., plus any type of bank account, or anything that has a banking type of function. Foreign casinos can fall under FBAR, this was more difficult to find out more information about, but it seemed to be only if they were loaning credit to the player. I suggest anyone with FBAR questions looks for the major thread from last week, (not the ones where people asked individual questions). The enhanced penalties for FBAR's are finally fully going into effect, and as such the downside for not properly filling can be enormously high, (lowest possible penalty is 10K, willing violation is 100K or half the account max, whichever is more, and criminal FBAR can be up to 500K and 10 years if there is a pattern of criminal activity).

[/ QUOTE ]

link to main fbar thread?

and i didnt file. (i didnt even know about it.)

NOW WHAT?!?! /images/graemlins/confused.gif

[PokeReader]

one page over, foreign account reporting due today. There are another couple threads you might want to look at. In not giving any specific advice, and you should definitely contact your tax preparer, but in general in someones taxes are completely paid and up to date, then filing FBAR late would at worst place them in the unwilling catagory, 5-10K if IRS has you pass their four part test, (see long thread). There has not been definitive guidance as to whether penalties will be assessed on late filings, as there are no extensions for FBARs. However, the hope is that IRS workers will use the discretionary powers they have under the law to waive these penalties for simple late filers. I suggest you read the thread, get the information in order, talk to your tax preparer, and file, unless there is a further issue which causes greater liability, in which case I would discuss it with a tax attorney.