Any Americans receieved FATCA request for information from your bank

[steveb6]

Just received a FACTA form and W-9 Request for taxpayer identification number and certification from my Bank. Has any other Americans received it and is this going out to all Americans who have bank accounts or over a certain limit of funds. It says my profile shows what FACTA describes as a US indicia.

[CharlieH]

Wrong forum

MOVED to Home Country

[Pib]

I haven't received any such FACTA requests for any of my account established before 1 Jul 14. Now when I opened two new accounts since FACTA went into effect 1 Jul 14 the banks had me complete the FACTA paper you mentioned during the new account opening. But for my old accounts with Bangkok Bank, they haven't asked for any FACTA paperwork and I've been to branches during transactions with the old accounts. Now that don't mean they won't ask me at some point...I'm just saying they haven't asked yet for my older accounts.

Under the "due diligence" provisions of FACTA agreement and depending on the amount in your account, the banks have certain latitude for older accounts as to when (and maybe if) they need to obtain the FACTA paperwork....without relooking at the FACTA agreement at the FACTA website I think the deadline to round-up FACTA related info/forms from some customers goes out to around 2016 or 207 for certain accounts which opened before 1 Jul 14 which means the banks have latitude in when and how they obtain the info/forms. It appears your bank is just doing its "due diligence" review, has spotted you as a possible U.S. citizen, and therefore sent you the forms. And actually, apparently when opening a new account now at any Thai bank you may get the FACTA related questionnaire put forth to you if the bank feels you may have have dual/multiple citizenship with one of them be U.S. citizenship. If not a U.S. citizen you just check the blocks saying so and and sign the form--the bank is then satisfied...they did their due diligence on a new account.

I would just be sure the forms did come from your bank...and if so (which they probably did), they truly end-up back at the bank...personally, I would hand-carry the forms to the branch I opened the account at unless it was a big pain//not really possible at this time.

[Pib]

Here's a link to the U.S. Treasury Dept FACTA Resource Center website: Link

And here's the link to the Due Diligence PDF document that talks the Due Diligence procedures banks/financial companies must follow for identifying reportable accounts. Link

[NancyL]

Recently, I rolled over some fixed accounts at my Bangkok Bank branch, which really means I closed the accounts and opened new accounts since there is no way to "roll over" a fixed account once the term is done. While I was there, they looked up my older accounts and asked if I minded if they did the FATCA documents on those, as well. They were very apologetic but no problem. Frankly I think we Americans get ourselves in too much of a tizzy about all this. Our government isn't coming to take our money, nor are they going to start collecting taxes that aren't due. If you have nothing to hide, then what's the problem.

If the U.S. banks paid interest as high as the Thai banks and were as easy to deal with, then they'd have more of my money.

Edited April 26, 2015 by NancyL

[GinBoy2]

Yes, I got a W9 from SCB a few weeks ago with instructions to complete before April 30th or I'd be reported to US authorities as oooooh 'non compliant'. Sort of odd I thought since every time you do a new fixed term account they sit you in front of the computer to fill out, what I think, is the same information.

So between this, FBAR and whatever else they dream up my hopes of becoming an international money laundering kingpin are fading LOL

[Tywais]

Recently, I rolled over some fixed accounts at my Bangkok Bank branch, which really means I closed the accounts and opened new accounts since there is no way to "roll over" a fixed account once the term is done.

Same here for Bangkok Bank. My rep came to my office to switch my just expired fixed account to a new one and brought the paper work for the FATCA requirements. Quite painless and quick.

[BudRight]

Just tell them you won't have more than $10,000 and you don't need the FACTA crap.

[Gumballl]

Recently, I rolled over some fixed accounts at my Bangkok Bank branch, which really means I closed the accounts and opened new accounts since there is no way to "roll over" a fixed account once the term is done.

Same here for Bangkok Bank. My rep came to my office to switch my just expired fixed account to a new one and brought the paper work for the FATCA requirements. Quite painless and quick.

Last week I cut my left index finger with a serrated knife while attempting to cut some bread. I'll live. As far as FATCA, you're right, quite painless.

[Pib]

Just tell them you won't have more than $10,000 and you don't need the FACTA crap.

Sorry, you are confusing different provisions of the FACTA related laws.

The $10,000 aggregate in any account(s) at any time during the year applies to "you" needing to report certain foreign financial data on the FinCen114 form (a.k.a., FBAR form)....and some of that financial data may not even be bank accounts.

The FACTA info/forms the foreign "banks/financial companies" must collect has nothing to do with that $10K reporting requirement "you" must do; it has to do with "them" reporting financial account info on various account types and amounts.

And also don't confuse either of above with "your" federal tax return Form 8938 foreign account filing which may be required...once again different trigger amounts come into play.

[mesquite]

Spelling police here. It's FATCA, not FACTA. Foreign Account Tax Compliance Act. I spelled it wrong for about three years.

[Pib]

Spelling police here. It's FATCA, not FACTA. Foreign Account Tax Compliance Act. I spelled it wrong for about three years.

Yea, you are right...thanks...I've been doing the same thing quite often like above...fingers typing on the keyboard faster than than my feeble brain can keep up I guess and of course the spell checker (when I use it) don't help much with acronyms.

[Pib]

In the U.S. the bank/financial companies must have your personal info (like SSAN) and I can't count the number of times over the years I also had to complete W-9 form for my U.S. employer/bank for tax reporting purposes. End result the U.S. banks, financial companies, employer report financial data on your to the IRS.

While some people may complain about taxes in general you don't really see them complaining about U.S. bank/financial company/employer reporting financial account data on you to the IRS. But when foreign banks/companies must do the same, which also means they must collect some additional info on you like SSAN, then some people get all upset for various reasons.

While I'm not thrilled about some of the additional paperwork I must complete each year to comply with FATCA related stuff, fortunately, tax software and/or the new FBAR online individual report method makes it fairly painless. Plus, I've got nothing to hide and have always reported "all" of my worldwide income as Uncle Sam requires (like it or not)....I don't have to worry about the IRS boggie man tapping me on the shoulder about unreported foreign financial accounts. I'm such a good boy.

I do wish people would honestly report taxable income (domestic or foreign)...especially those with truly BIG money in foreign accounts...if this had always been the case there would be no need for FATCA. And FATCA-type reporting seems to be the trend as the UK and China are also implementing their own FATCA-type reporting for certain types of their citizens...like this ThaiVisa thread talking about UK FATCA-type reporting starting to occur for some of its citizens and how the OECD is developing an international standard for exchange of individual financial account info between countries. Yeap, governments want all the tax revenue due them (like it or not).

[maphraw]

I received a W-9 form from the Thai mutual fund that I have in a joint account with my Thai wife. We have more than $10000 in the fund. I signed it and then returned it to them. I called the mutual fund company and asked them what information they provided to the IRS or Treasury Dept.--dividends, capital gains etc. They said they don't provide the information to the US government. They send it to the Bank of Thailand which in turn sends it to the US. She then said they have yet to send any of the information about our mutual fund to the Bank of Thailand. I also have four bank accounts in Thailand and none of them has given me a W-9 form to fill out.

I have just finished doing my tax return for the IRS and I was meant to complete a form 8621 for foreign mutual funds. If you could figure out how to correctly complete this form I will give you $500.Turbo Tax would not complete the Form 8621 for my mutual fund.They told me I would have to print it and fill it out myself. I also have four bank accounts in Thailand and none of them has given me a W-9 form to fill out.

I have completed the FBAR thing and sent it into the Treasury Dept. as required and I have included all of my interest from my Thai bank accounts and some information about my mutual fund on my 2014 IRS tax return.

[BudRight]

In the U.S. the bank/financial companies must have your personal info (like SSAN) and I can't count the number of times over the years I also had to complete W-9 form for my U.S. employer/bank for tax reporting purposes. End result the U.S. banks, financial companies, employer report financial data on your to the IRS.

While some people may complain about taxes in general you don't really see them complaining about U.S. bank/financial company/employer reporting financial account data on you to the IRS. But when foreign banks/companies must do the same, which also means they must collect some additional info on you like SSAN, then some people get all upset for various reasons.

While I'm not thrilled about some of the additional paperwork I must complete each year to comply with FATCA related stuff, fortunately, tax software and/or the new FBAR online individual report method makes it fairly painless. Plus, I've got nothing to hide and have always reported "all" of my worldwide income as Uncle Sam requires (like it or not)....I don't have to worry about the IRS boggie man tapping me on the shoulder about unreported foreign financial accounts. I'm such a good boy.

I do wish people would honestly report taxable income (domestic or foreign)...especially those with truly BIG money in foreign accounts...if this had always been the case there would be no need for FATCA. And FATCA-type reporting seems to be the trend as the UK and China are also implementing their own FATCA-type reporting for certain types of their citizens...like this ThaiVisa thread talking about UK FATCA-type reporting starting to occur for some of its citizens and how the OECD is developing an international standard for exchange of individual financial account info between countries. Yeap, governments want all the tax revenue due them (like it or not).

If the US taxed on residency rather than citizenship there would also not be a need for FACTA.

[JimGant]

I was meant to complete a form 8621 for foreign mutual funds.....

....... some information about my mutual fund on my 2014 IRS tax return.

You have a $25,000 de minimis threshold ($50,000 for joint filers) before you're required to file a Form 8621...as long as you've reported all distributions on your tax return. You mention reporting only "some" mutual fund info -- did you have some distributions you felt were not taxable? If so, you probably are now a member of the Form 8621 club.

http://intltax.typepad.com/intltax_blog/2014/01/new-rules-for-pfic-annual-filing-form-8621.html

[maphraw]

I went back and looked at my 2013 return. An accountant did my retunr last year. He completed a Form 8621 for our Thai mutual fund. I remember him telling me that the IRS has an unusual way of calculating foreign mutual funds. He said they look at the amount you have in the fund in the very beginning of the tax year and then compare it with the amount you have in the fund at the end of the tax year. That is what he put into the Form 8621. Those two figures and the difference. So that is what I did. Exactly what he did. The fund paid subsatntial dividends so I, probabaly erroniously, included them on schedule B where I put interest and dividends from my American mutual funds. I did this to be on the safe side. I googled 'Form 8621' and an awful lot of people have no idea how to complete the form or get the kind of information form the mutual funds that is required to complete it correctly.

Anyway, I ended up not owing any taxes.

[skatewash]

I have just finished doing my tax return for the IRS and I was meant to complete a form 8621 for foreign mutual funds. If you could figure out how to correctly complete this form I will give you $500.Turbo Tax would not complete the Form 8621 for my mutual fund.They told me I would have to print it and fill it out myself. I also have four bank accounts in Thailand and none of them has given me a W-9 form to fill out.

Yes, Turbo Tax does not support this form in their software. A flaw if you ask me. Tax Act does, and will allow you to e-file it with the rest of your return. Probably does you no good this year, but at least you'll know about it for next year (assuming things at TurboTax or TaxAct don't change). TaxAct currently has a policy of supporting all IRS forms, a policy which as you discovered Turbo Tax does not have.

Edited May 1, 2015 by skatewash