What exactly is a financial account? Just the bank accounts like savings and checking’s or are there any more accounts to be included?

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• How do I determine the aggregate maximum account value of my non-U.S. financial accounts?

  First, determine the highest amount of each account for the relevant year.  This is the high-water mark of the account, ie the max amount that you have held in the account at any point during the year, even if just for a second.  It doesn’t matter ...

• Can I just file my FBAR with my U.S. tax return?

  Technically, the FBAR is filed electronically using a completely separate e-filing system than that used for U.S. tax returns. So it needs to be efiled separately also the deadline is June 30th.

• What does it mean to have “signature authority” over a financial account?

  You have signature authority over an account when have the authority to control the disposition of assets held in the account by direct communication to the financial institution that maintains the account.  

• What’s a tax amendment?

  You file a tax amendment when you make changes or corrections to a filed tax return.

• What is the contribution limit for the ABLE Account?

  The yearly contribution limit is the amount of the annual federal gift tax exclusion, which is currently $14,000.