Important Reminder for US Expats

[Guest RichLB]

For all US expats who have had a total of more than $10,000 in Thai bank accounts or other security holdings during 2009 it is required to file form TD F 90-22.1 by June 30. There is a hefty penalty for failure to do so, but no fees or charges connected with the filing.

[Guest RichLB]

I've never attached a file to a post, so don't know if this will work. If it does, the required form is attached.

[Guest RichLB]

Well, that didn't work. I tried.

[Gaybutton]

I've never attached a file to a post, so don't know if this will work. If it does, the required form is attached.

Sorry, it didn't work. Is it in PDF format? For some reason, you can't attach PDF files on this board. It won't work. I don't know why.

 

I'm not so sure that's the form to file. I searched for it on the IRS web site. The form no longer exists on the IRS site.

[Bob]

The form is named: TD F 90-22.1 and can be found here:

 

Annual Treasury Form

 

Yep, it's a PDF file. I file mine every year with Treasury versus its subsection of the IRS. I'm not sure if that's why you couldn't find it on the IRS website.

[Guest kjun12]

For all US expats who have had a total of more than $10,000 in Thai bank accounts or other security holdings during 2009 it is required to file form TD F 90-22.1 by June 30. There is a hefty penalty for failure to do so, but no fees or charges connected with the filing.

Thank you. I did not know of this requirement.

[mahjongguy]

To be clearer, the law covers all your accounts outside the States. If you have $9,999 in a Thai bank and $1 in the Cayman Islands, then you must file the form.

 

If you use Turbo Tax to prepare your 1040, it will also create the overseas assets form for you, even though it's not due until June 30.

[KhorTose]

Thank you. I did not know of this requirement.

 

Nor did I. Thanks Rich and Bob, you saved my a...

[2lz2p]

This page from the Pattaya City Expats Club website provides information about filing the form with links to the form and other information about the requirement. Also, there is a link to the IRS Tax Guide for US Citizens and Resident Aliens Abroad - the section is at the bottom of the page: Bank Account Information. Also, for the report due June 30, 2010, the IRS website has this information - Workbook on the Report of Foreign Bank and Financial Accounts (FBAR)

 

As I recall, there were recent legislative changes that will probably change future reporting requirements. Other than the initial brief information at the time the legislation passed, I haven't seen any articles or announcements on new Regulations to implement the changes. I seem to recall that the new legislation provides for the report to be filed with the persons income tax return instead of separately.

[Bob]

As an added note, it would be wise once you report to actually report the interest you earn on your Thai account (I didn't the first few years as it was paltry and in some years just forgot - but I've done it since I started the annual reporting a couple of years ago).

 

And - of course this pissed me off - I found out from my accountant that I cannot deduct from the interest the various charges which SCB nails me with (99% of which are using ATM machines or updating the passbook out of my "home" province of Chiangmai).