U.s. Federal Form Td F 90-22.1

[VegasTim]

Hi everyone. I was just reading an article that the IRS is going to be doing more tax return audits this year and that one of the areas they are really focusing on are foreign bank accounts and unreported interest income. The article said that if you have more than $10,000 in a foreign account, it has to be reported on a Form TD F 90-22.1. I had never heard of this form, so I looked it up on the IRS website and, sure enough, foreign accounts have to be reported by June 30th of each year. I thought I was safe using the Turbo Tax program, but this form is actually from FinCEN (the Financial Crimes Enforcement Netork) as part of their anti-money laundering program, so it isn't included in Turbo Tax.

Anyway, I am attaching a PDF file of the form in case it applies to you and, like me, you aren't already aware that you are suppose to do this. I don't like the idea of having to tell my government every little thing I am doing, but I guess it beats getting audited. Why is it that our government treats us all like potential drug dealers? Can't even buy a box of nasal decongestant in the U.S. without giving your driver's license ... might use it to cook up some meth! Crazy.

Federal_Form_90_22.1.pdf

[Thanyaburi Mac]

"... if you have more than $10,000 in a foreign account, ...."

Believe it's actually if you have in the aggregate, $10k or more, so several bank accounts could add up to that amount.

BTW, it's a Dept of Treasury form and mailed to another address, NOT to be included with your 1040.

Mac

[noise]

"... if you have more than $10,000 in a foreign account, ...."

Believe it's actually if you have in the aggregate, $10k or more, so several bank accounts could add up to that amount.

BTW, it's a Dept of Treasury form and mailed to another address, NOT to be included with your 1040.

Mac

Mac

You are correct.

I loaded the form as a "fillable" PDF file and then filled it in. Now just have to print it out each year, sign it, and send it off.

[Alwaysright]

"... if you have more than $10,000 in a foreign account, ...."

Believe it's actually if you have in the aggregate, $10k or more, so several bank accounts could add up to that amount.

BTW, it's a Dept of Treasury form and mailed to another address, NOT to be included with your 1040.

Mac

Just sent mine off ,I do wonder if the letter will get there,you have no way of knowing if they receive it.No I won't send it registered but I will deal with that IF I ever hear from them.There is a heavy fine for not reporting,I have over $10,000 just for the retirement requirements.On your tax form there is a box to check yes or no if you have a foreign account.That is one way they catch you.The banks have your passport number and are required to report your account to the USA.The low interest means no big amount to report,I was here during the 12/15 % interest and the income was nice.

[BlackArtemis]

Since I have a trustworthy wife, I would just bypass it using her name.

[gotlost]

I have been filling this form for 20 years.

[grantbkk]

I filed my FBAR form for the past two years. It is the Obama administrations attempt to stifle secret offshore accounts. The are looking for large numbers not the little guy. There are some stiff sanctions for noncompliance.

[hawthorne]

Since I have a trustworthy wife, I would just bypass it using her name.

Amen...Another reason not to get your wife a Tax ID Number as well. Who in their right mind wants to include their wife on the IRS radar?

BlackArtemis we think alike

[hhgz]

"it isn't included in Turbo Tax."

Yes it is. The form was changed last year and several TVers panicked believing that it was the end of life as they knew it.

[JimGant]

Amen...Another reason not to get your wife a Tax ID Number as well. Who in their right mind wants to include their wife on the IRS radar?

If she's a housewife (meaning she earns little to no income), why wouldn't you want to file "Married Filing Jointly?" Substantial savings over filing as a "Single." (That she's a nonresident alien makes no difference.)

The banks have your passport number and are required to report your account to the USA

I don't believe that's true.

[Thanyaburi Mac]

Amen...Another reason not to get your wife a Tax ID Number as well. Who in their right mind wants to include their wife on the IRS radar?

If she's a housewife (meaning she earns little to no income), why wouldn't you want to file "Married Filing Jointly?" Substantial savings over filing as a "Single." (That she's a nonresident alien makes no difference.)

The banks have your passport number and are required to report your account to the USA

I don't believe that's true.

Jim

I quite agree on both your comments, I check the "married filing jointly" and save those $$$ for Singha.

Re the Treasury form, really need to check for a new one to download now and then, the form was substantially changed a couple years back. Best to use the current form.

Mac

[barryofthailand]

If you transfer money from the U.S., no need to fill this form out as the financial institution you transfered the money from takes care of the U.S. Treasury reporting.

Barry

[JimGant]

If you transfer money from the U.S., no need to fill this form out as the financial institution you transfered the money from takes care of the U.S. Treasury reporting.

Please cite your source for that. It's clearly spelled out that you must file a FBAR (report of foreign bank and financial account) if you, at any time during the year, go over $10,000 in aggregate of your foreign accounts.

It's highly unlikely Treasury keeps an account on everyone sending money abroad. To keep tabs on all the nitnoy amounts being sent abroad -- then adding it all up to see if $10k is topped for accounts belonging to any one person -- is not feasible from a cost/benefit angle. We little folks aren't being screened.

For large amounts, the SWIFT coding system, and others, do have the ability to track the fat cats. And if such a fat cat doesn't file a FBAR, I suspect this would sound an alarm. And then the laws governing FBAR filing can be severely applied, as intended.

Having said that, if, indeed, Treasury knows how much money you've sent abroad -- because your financial institution has told them -- then even more reason to file a FBAR, as the law requires. If they know it -- and you don't file as required -- then you're maybe setting yourself up for some problems.

Again, it's the fat cats they're after, and who they track -- not us paupers.

But it takes little time to fill out the form -- and the fine for not doing so is substantial. So why take the risk that Treasury, hurting for money, finally does get access to everyone's finances abroad -- and then comes to the realization that it has a new source of revenue from expats who don't file required FBARs.

[chicowoodduck]

If you transfer money from the U.S., no need to fill this form out as the financial institution you transfered the money from takes care of the U.S. Treasury reporting.

Please cite your source for that. It's clearly spelled out that you must file a FBAR (report of foreign bank and financial account) if you, at any time during the year, go over $10,000 in aggregate of your foreign accounts.

It's highly unlikely Treasury keeps an account on everyone sending money abroad. To keep tabs on all the nitnoy amounts being sent abroad -- then adding it all up to see if $10k is topped for accounts belonging to any one person -- is not feasible from a cost/benefit angle. We little folks aren't being screened.

For large amounts, the SWIFT coding system, and others, do have the ability to track the fat cats. And if such a fat cat doesn't file a FBAR, I suspect this would sound an alarm. And then the laws governing FBAR filing can be severely applied, as intended.

Having said that, if, indeed, Treasury knows how much money you've sent abroad -- because your financial institution has told them -- then even more reason to file a FBAR, as the law requires. If they know it -- and you don't file as required -- then you're maybe setting yourself up for some problems.

Again, it's the fat cats they're after, and who they track -- not us paupers.

But it takes little time to fill out the form -- and the fine for not doing so is substantial. So why take the risk that Treasury, hurting for money, finally does get access to everyone's finances abroad -- and then comes to the realization that it has a new source of revenue from expats who don't file required FBARs.

Just another US govt. "hoop" to jump through and what the 'ell, I'm retired with nothing better to do!

Just think CYA (Cover Your Ass) and enjoy life in the land of Vertical Smiles!

[Jingthing]

If you transfer money from the U.S., no need to fill this form out as the financial institution you transfered the money from takes care of the U.S. Treasury reporting.

Barry

I am sure that is 100 percent wrong. SWIFT transfer information is indeed gathered by at least one government agency, but in no way does it excuse people from filing the form. Sometimes the extremity of the false information here boggles the mind.

Edited February 21, 2010 by Jingthing