FOREIGN BANK ACCOUNTS
Apr 14th 2009, 2:23 pm
#1
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FOREIGN BANK ACCOUNTS
I am a USC but have resided outside the US almost all my life. I recently got all my tax returns up to date when I found out that I was supposed to submit returns. I noticed on the part dealing with interest income that one needs to submit annual reports to the Treasury if you have a foreign bank account with a value in excess of $10,000.
Does anyone know whether this also applies to US citizens who live abroad and whether one therefore needs to declare a normal cheque or savings account if the balance is over that amount?
Does anyone know whether this also applies to US citizens who live abroad and whether one therefore needs to declare a normal cheque or savings account if the balance is over that amount?
Apr 14th 2009, 5:07 pm
#2
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,965
Re: FOREIGN BANK ACCOUNTS
Not sure about the living abroad bit, we are in the US. But we had to include our UK cheque and savings account on the form this year.
Apr 14th 2009, 6:01 pm
#3
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Re: FOREIGN BANK ACCOUNTS
I live in the UK, my wife is USC and I am LPR. We had an accountant do our return this year and he made us send that info to the treasury. He said that it's really important and there are big fines for not doing it.
Apr 16th 2009, 4:58 pm
#5
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Location: Slough, UK -> Somerville, MA
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Re: FOREIGN BANK ACCOUNTS
This is a pretty useful article about the reporting requirements.
http://taxes.about.com/od/preparingyourtaxes/a/TDF90221.htm
You must fill out Treasury Department Form 90-22.1 every year if you own, or have an interest in, any foreign bank accounts.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
I only found out about it this year from reading this site, and have £70K that I need to move over to the US. Now that I have received the interest on the account I'm going to submit the forms retrospectively for the 2005-2008 period that I have been resident here, but had accounts in the UK, with a letter explaining that I didn't know about the forms until Jan 09.
I've paid tax on them in the UK, as my banks wouldn't accept an R-85 form with a foreign address. Next time I'm home I'll sort that out, bah.
http://taxes.about.com/od/preparingyourtaxes/a/TDF90221.htm
You must fill out Treasury Department Form 90-22.1 every year if you own, or have an interest in, any foreign bank accounts.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
I only found out about it this year from reading this site, and have £70K that I need to move over to the US. Now that I have received the interest on the account I'm going to submit the forms retrospectively for the 2005-2008 period that I have been resident here, but had accounts in the UK, with a letter explaining that I didn't know about the forms until Jan 09.
I've paid tax on them in the UK, as my banks wouldn't accept an R-85 form with a foreign address. Next time I'm home I'll sort that out, bah.
Apr 21st 2009, 1:47 am
#6
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Joined: Feb 2008
Posts: 3,259
Re: FOREIGN BANK ACCOUNTS
I know 'someone' who forgot all about this. 
What's the deadline date for reporting the previous year's amounts?
This someone has well in excess of £10k in a UK current account.
Errmm.....
What's the deadline date for reporting the previous year's amounts?This someone has well in excess of £10k in a UK current account.
Errmm.....
Apr 21st 2009, 3:31 am
#7
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Re: FOREIGN BANK ACCOUNTS
Apr 21st 2009, 5:19 am
#8
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Re: FOREIGN BANK ACCOUNTS
The deadline is 30th June.
Apr 21st 2009, 1:14 pm
#9
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Re: FOREIGN BANK ACCOUNTS
