Taxpayer/PR has contributed to retirement fund/EPF/ Malaysia(tax exempt Y) with foreign income while NR.is withdrawn funds taxable?
Taxpayer deposited into an account in Malaysia in 2013 .What are penalties, disclosure to FBAR?
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Tax Professional Answers
ZM Ishmurzina, CPA, MBA
Hello-
The withdrawn funds will be taxable by the USA. The account should be reported on the FBAR. To learn more about the FBAR, please see this link www.artiopartners.com/fbars/fincen-form-114-expats-tax/
The amended FBAR should be filed for a prior year.
Hope it helps.
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467 weeks ago
The withdrawn funds will be taxable by the USA. The account should be reported on the FBAR. To learn more about the FBAR, please see this link www.artiopartners.com/fbars/fincen-form-114-expats-tax/
The amended FBAR should be filed for a prior year.
Hope it helps.