scrubbedexpat099

Today is the last day to file for the 2004 year.

http://www.fincen.gov/f9022-1.pdf

So if you had at any point more than a $10,000 balance then you need to fill the form in and send it in.

ScotsmanInTexas

This is new to me, being a recent immigrant and all. So we are meant to tell the US Tax office about any money we have stashed overseas? Is that correct?

dunroving

Is this for all US residents, or just citizens? I've never heard of this before - had my yaxes done by H&R Block and all, never mentioned this (not that I have a fortune stashed overseas of course; just my collection of antique Beanos).

ScotsmanInTexas

Well exactly I've only got my old 2000AD's and that 2 million quid from that bank-job in...

scrubbedexpat099

Not sure if they would be aware of it, I think it has been there for some time but the penalties have been increased substantially, snuck in on the back of another bill last year.

If you resident for Tax then you have to file.

scrubbedexpat099

Actually the form says - A citizen or resident of the USA

Not quite the same definition as the IRS use, so if you are a LPR-yes. Otherwise, not sure.

bionomique

Hehe, the Treasury department needs to proof their instructions. If one were to follow their directions, no one would be filing this declaration!
It states, " Who Must File this Report ~ Each Unites States person, ...."

Taffyles

You've always had to declare overseas accounts IF they have a balance of 10,000 or more- under that you didn't have to declare them. H&R should have told you about this. I found out about this years ago, I've always used Turbo Tax...it asks you if you have an overseas account, if you answer yes it gives you more info about if you have to declare or not.

Bob

bugger..better find a deeper cave to go stash things in then....

tony126

We live and learn, not that it effects me either way at the moment. Certainly can't recall my Accountant asking me that question.

ScotsmanInTexas

Not sure I'm altogether comfortable about this. Never been happy to disclose anything private to the British Tax man and disclosing it to the US Tax man doesn't exactly enthrall me. I wonder what the situation would be if you divide your savings up over several bank accounts or put them into government bonds. Would you still require to declare this? Right now I'm enjoying a rate of 4.75% in Lloyds TSB, there are other banks offering similar interest rates, even a couple getting up over 5%! I think I will have to look into this and consider opening a couple more accounts. Few good bonds in the UK too which are tax exempt! So wonder how they'd figure in all of this?

bionomique

Splitting between accounts wouldn't help. It's an aggregate figure, and it also pertains to any time during the 12 months. You may have nothing today, but $10,000 a month ago, still have to declare.

ScotsmanInTexas

Do you think that also apply to tax free savings bonds?

scrubbedexpat099

Its a money laundering thing I believe as opposed to a tax issue.

So, Yes

AmerLisa

I had mine in an account that didn't draw interest, does that make a difference?