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Here’s an example of calculating the total balance for all your overseas financial accounts:
You have 3 bank accounts: 2 in Italy, 1 in the US. You have a pension set up in Italy because you work for an employer, and life insurance from an Italian company you have been funding for 10 years.
Now, you need to calculate the maximum balance of the year for all foreign accounts - ignoring US accounts because they don’t count. Sum up the total from your foreign financial accounts, and convert the money into USD. You can determine whether this total meets the current FBAR threshold. If so, you need to file an FBAR.
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