Foreign Bank Account Report Time

[Guest GaySacGuy]

It is that time of year again when you need to report your foreign bank account ownership if at any time during the year 2008 they totaled more then $10,000.

 

The form is TD F 90-22.1 and the government has made it pretty easy to do. Go to

 

http://www.irs.gov/pub/irs-pdf/f90221.pdf

 

You can then fill out the form and print your copy all in PDF, and sign and mail.

 

This is a new form from last year, so things have moved around on the form, but not changed much.

[Guest]

It is that time of year again when you need to report your foreign bank account ownership if at any time during the year 2008 they totaled more then $10,000.

and if you are affiliated to the US in some way.

 

Or has Gordon Brown slipped another bit of paperwork in ?

[Guest GaySacGuy]

has Gordon Brown slipped another bit of paperwork in ?

I think he said that anything that was good enough for Obama, was good enough for Brown!!

[Guest gay_grampa]

It is that time of year again when you need to report your foreign bank account ownership if at any time during the year 2008 they totaled more then $10,000.

 

The form is TD F 90-22.1 and the government has made it pretty easy to do. Go to

 

http://www.irs.gov/pub/irs-pdf/f90221.pdf

 

You can then fill out the form and print your copy all in PDF, and sign and mail.

 

I did not know we had to report our bank accounts to the authorities. This new Abhisit government is bringing a lot of new rules for us long term residents.

Can you hand it in at immigration when you do the 90 day reporting?

[Guest lvdkeyes]

I did not know we had to report our bank accounts to the authorities. This new Abhisit government is bringing a lot of new rules for us long term residents.

Can you hand it in at immigration when you do the 90 day reporting?

I thought this was a US requirement, not Thai. Am I wrong?

[Gaybutton]

I thought this was a US requirement, not Thai. Am I wrong?

Yes, it's a US requirement. Gay_grampa was joking.

[Guest GaySacGuy]

I did not know we had to report our bank accounts to the authorities. This new Abhisit government is bringing a lot of new rules for us long term residents.

Can you hand it in at immigration when you do the 90 day reporting?

 

Sure, take that to Thai Immigration, and tell them this is your last 90 day extension, as the US will be picking you up for not reporting your Thai bank account!!!

[Guest GaySacGuy]

I thought this was a US requirement, not Thai. Am I wrong?

 

The truth is that this is an IRS - Treasury Deparment requirement of the US Govenrnment for any citizens that have over $10,000 total in overseas accounts (that is the total of all accounts, and if one is over, you must report all of them) at any time during 2008. Hope that is clearer!!

[Guest lvdkeyes]

Yes, it's a US requirement. Gay_grampa was joking.

OK, but how would I know that?

[Guest gay_grampa]

The point is that the original poster did not say that it's an American requirement for US citizens only.

 

He used the expressions:

" you need to report your foreign bank account ownership "

" the government has made it pretty easy to do. "

 

Would that be the Thai goverment; the US government or the government of Morocco?

 

It has no relevance to Gay Thailand for anyone else except those from the USA.

 

There are other nationalities that read these message boards!

 

OK ... my pedantic moment is now over so ... fire away.

[Guest lvdkeyes]

Yes, it's a US requirement. Gay_grampa was joking.

I guess he wasn't joking after all.

[Guest Astrrro]

It's a good idea to comply since the penalty is big, I think a 10K baht fine.

 

Now if one didn't report and also didn't declare bank interest on one's 1040, one could save some tax money, but it's small.

 

If you had a million baht all year in a bank earning 1% interest your interest would be 10K baht.

If you're in a 15% marginal tax bracket then the tax would be only about 50 bucks.