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Reporting of Foreign Savings Accounts

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Tomorrow
6/20/2019 10:22 EST

Does anyone know what form is used in Italy to report a foreign savings account as required when savings amounts are greater than 10,000 euros? I once found it on the WEB and the gist was that there is no financial impact on taxes , just that the account must be reported. Any help on this would be most welcome.

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dave2018
6/21/2019 17:00 EST

If you're talking about the tax form you use to report to Italy any funds you have in a foreign bank account then I believe it is the Modulo RW.

By the way, there is a tax impact. You must pay a tax of 0.2% on all assets, including real estate, that you own outside of Italy.

Dave

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Shtinky
6/26/2019 05:36 EST

Hi. The form you need to file is the FBAR - Foreign Bank Account Report.

Here’s a link.
https://www.fincen.gov/how-do-i-file-fbar

Explains it:
https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

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Tomorrow
6/26/2019 10:56 EST

Thanks Shtinky, but I believe that is the US form for my US filings and that is already in hand. My question was specific to reporting to the Italian Authorities. I have since learned that supplemental Italian form RW is used to report foreign assets in conjunction with the annual Italian return. If you or anyone can add t this, please do. Also if anyone knows what information is required with regards to foreign accounts, that would be a great help. I think it's just the account details and balance as of 31 December.

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Tomorrow
6/26/2019 11:01 EST

Thanks Dave, that is helpful and agrees with recent info I pulled in. Does the 0.2% tax apply to bank accounts? My understanding is there is a flat tax (about 34 euros) per bank account. Also, specific to bank accounts, do you know what info is required for completing the RW form?

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Shtinky
6/26/2019 12:14 EST

Sorry, I misunderstood what you were asking. Our commercialista only asks for copies of the balances at the beginning and end of the year for our investments and savings.

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Choosing an expat health insurance provider is an important decision. Get a quote from our trusted expat health insurance partner, CIGNA. With Cigna Global Health Options, you can create an international health insurance plan that's perfectly tailored for the needs of you and your family.

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dave2018
6/26/2019 18:24 EST

You're right about the flat charge for each bank account. I should have said a 0.2% tax on all foreign investments, not assets,

Sorry I've never completed the modulo RW so can't help you there. I strongly advise you to get an Italian commercialista to do your taxes.

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dave2018
6/26/2019 18:24 EST

You're right about the flat charge for each bank account. I should have said a 0.2% tax on all foreign investments, not assets,

Sorry I've never completed the modulo RW so can't help you there. I strongly advise you to get an Italian commercialista to do your taxes.

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Shtinky
6/27/2019 03:40 EST

I agree with Da e 2018. Get a commercialista to do your taxes. They aren’t expensive and worth it Because it’s complicated. Not like in the US where lots of people do their own.

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Tomorrow
6/27/2019 10:27 EST

Thanks Dave and Shtinky. You have been most helpful. I do plan on finding a commercialista with experience in service to US expats receiving pension income. In fact, I've posted a new question to this forum asking for recommendations. If you could provide any recommendations, that would be great.

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2amilano
6/27/2019 10:43 EST

If you PM me I can provide a name that was recommended to me. I'm using them this year for the 1st time.

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