Report of Foreign Bank and Financial Accounts - USA

Do any of you expat Americans have any comments on this subject? I never heard of it. It is a form that must be filed before June 30 of the succeeding year to the IRS. GULP. This is the form and instructions: http://www.irs.gov/pub/irs-pdf/f90221.pdf .

Are you all doing this each year? Has anyone been late like me? Thanks in advance.

Yes heard of it and no don't plan to report my foreign bank accounts.

Per the instructions we, Americans, are required to report all foreign bank accounts that at any point in the previous year had a value greater than $10,000 U S Dollars.

With the requirements that we must meet to obtain or extend a Thailand non immigrant visa either "retirement" or "married, most Americans would meet the $10,000 USD threshold.

I filed mine and will continue to do so. My advice would be for you to file as soon as you can with an explanation as to why you are late and promise not to do it again ... .

This is a battle that I don't think is worth fighting nor is it worth getting "noticed" by ignoring this requirement.

Up to you.

Yes, thank you Alan. I think this is good advice... I got both 2007 and 2008 filled out with a letter of apology. I had never heard of this until 2 days ago. I will get them in the post soon.

The rule has been in effect for several years and until 2008 money was just a visitor in my accounts. What I didn't realize was that bank was paying interest so I'm filing an amended 2008 return.

jetdoc wrote:The rule has been in effect for several years and until 2008 money was just a visitor in my accounts. What I didn't realize was that bank was paying interest so I'm filing an amended 2008 return.

Ok, but I think you are talking about something different than I am. The "Report of Foreign Bank and Financial Accounts" TD F 90-22.1 form is only concerned with the maximum amount we have had in a foreign bank in a fiscal year. I have not filed income tax 'return' in a few years, because I have no taxable income to speak of, but I am still required to submit this form.

If I misunderstood you, I would appreciate a clarification.

Mainer, we are talking the same thing but until I bailed from the market in March in 2008 I didn't have sufficient funds in my account to trigger the requirement. Presently I'm preparing a amended TD F 90-22.1, forgot about an account I opened in Surin last December. Since I file a joint return I'm also preparing an amended tax return to include interest that both wife and I earned in Thailand. Even though her accounts don't have to be reported on the TD F 90-22.1 we still have to claim the interest on our tax return.

While I sympathise with you over governed US citizens, I also have a great deal of sympathy with the rest of the world, which is caught up in this typical US over reach ( think about the extra territorial laws which the US likes to impose globally).

If you are a foreign company with a branch in the US, you must report your entire head office finances to the US government. What arrogance and hubris.

If you are a US citizen with signing rights over a bank account in a foreign country (totally unconnected with the US - think the multitude of NGOs), you must report the details of that account(s) to BIG BROTHER.

Talk about hegemony and financial imperialism

jetdoc wrote:Mainer, we are talking the same thing but until I bailed from the market in March in 2008 I didn't have sufficient funds in my account to trigger the requirement. Presently I'm preparing a amended TD F 90-22.1, forgot about an account I opened in Surin last December. Since I file a joint return I'm also preparing an amended tax return to include interest that both wife and I earned in Thailand. Even though her accounts don't have to be reported on the TD F 90-22.1 we still have to claim the interest on our tax return.

Ok, we got that squared away. Thanks for the help in understanding it. This is a done deal now, folks, the forms for the last two years are in the mail with a letter of apology for not knowing about this requirement. Let's hope I can say "case closed'.