RetireJapan

Great point!! I will report it and I assume if I make a mistake on the type of account it isnt an issue that they will pursue. It seems they are most concerned about disclosure. Thanks again for the help!!

Thanks for the replies!! The account is with SBI Benefit Systems. I assume that falls under "Securites"? I thought perhaps I could select "Other" and state the account is a Defined Contribution Pension savings plan. After reading the Fbar instrucions it states you don't need to r...

I currently have Ideco "savings" for the tax benefit. I need to file FBAR this year. Under type of account for the FBAR report there are 3 options for the type of account; Bank, Securities and other. Since I'm only using it as a savings account would I simply choose "Bank"? I tho...

I'm puzzled. On the instructions for form 8938, I see amounts that are greater than specified in comments above: Taxpayers living outside the United States. If your tax home is in a foreign country, you meet one of the presence abroad tests described next, and no exception applies, file Form 8938 w...

I think I'll avoid PFICs for now.

Yes, I would report iDeCo in addition to all my foreign accounts.
And I will continue submitting Schedule B, only Part 3 unless I actually earn interest or dividends.

Thank you so much for the help!! Have a great weekend!

I don't have an iDeCo yet but can help with the FBAR reporting. Because iDeCo is an individual account you would include it on your FBAR (which you must submit if your foreign accounts totaled more than $10,000 anytime during the year) and potentially on your tax return using Form 8938 (required wh...

From what I have read on these forums, as an American, my only option with iDeCo is to put money into cash savings due to Mutual funds being treated as PFICs. Is this still the case? If that is my only option I will be opening an iDeCo cash savings account shortly. Which leads to my next question. D...