If you’re scrambling to finish your taxes, it’s easy to overlook the forms needed for a complete and accurate return. Here are some of the most common mistakes.
It's an issue because you may need this paperwork to verify contributions for so-called
, a move that bypasses the income limits for Roth IRA deposits, allowing future tax-free growth. Without proof of the original deposits, you may get taxed on the same income twice., on FinCEN Form 114, Collado said. The FBAR applies to bank accounts outside the U.S. with a balance of $10,000 or more during any day of the calendar year.
"This one carries criminal implications if you fail to file or, worse, fail to report the income associated with that foreign bank account," she warned.
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