IRS recommends attaching a statement if one of these two situations apply. and Puerto Rico on the regular due date of their tax return also qualify for the extension to June 15. Those serving in the military outside the U.S. income tax return.ДЄ taxpayer qualifies for the special June 15 filing deadline if both their tax home and abode are outside the United States and Puerto Rico. These tax benefits are only available if an eligible taxpayer files a U.S. An automatic two-month deadline extension is normally granted for those overseas and in 2021 that date is still June 15 even though the normal income tax filing deadline was extended a month from April 15 to May 17.ДЄn income tax filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the Foreign Earned Income Exclusion or the Foreign Tax Credit, which substantially reduce or eliminate U.S. Just as most taxpayers in the United States are required to timely file their tax returns with the IRS, those living and working in another country are also required to file. citizens and resident aliens abroad, including those with dual citizenship. WASHINGTON вЂ“ The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. IRS reminds taxpayers living and working abroad of June 15 deadline Similar to the FBAR form, you are required to disclose all of your foreign accounts and convert the highest foreign balance during the year into US dollars using the December 31st exchange rate.Issue Number: IR-2021-122 Inside This Issue

If you are filing aВ separateВ tax return and you are married, you will have an 8938 filing requirement with the same criteria as for an unmarried tax return being if you have specified foreign financial assets that exceed $200,000 on the last day of the year or $300,000 at any point during the year.

If you are filing a married filing joint tax return, you will have an 8938 filing requirement if your specified foreign financial assets are more than $400,000 on the last day of the year or if the value was over $600,000 at any point during the year.Д¬) Married Taxpayers- filingВ separateВ returns.

Unmarried Taxpayers have a requirement to file Form 8938 if they have specified foreign financial assets (included foreign bank and investment accounts) with a value exceeding $200,000 on the last day of the year orВ more than $300,000 at any point during the year.Д«) Married Taxpayers- filing joint returns.

Taxpayers living outside of the United States Generally, you would have an 8938 filing requirement if you fall into any of the following categories below: This form has many similar qualities to the FBAR form and is required in addition to the FBAR form if you meet the requirements. Note that all FBAR forms must be submitted online through the BSA E-filing Network.ДЇorm 8938- Statement of Foreign Financial AssetsДЇorm 8938 was introduced and required to be filed starting for the 2011 tax year. See below for some of the more common foreign exchange rates for the past few years and a link for other currencies not included below.

For more information on FBARвЂ™s, please click here. When completing the FBAR form, you will need to take the highest balance in each account during the year and convert each foreign balance using the December 31st exchange rate. If you have in aggregate over $10,000 held in foreign bank or investment accounts, you have an annual requirement to file an FBAR form. FBAR- Foreign Bank Account Reporting (Form 114)

Irs foreign exchange rates