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What is Form TD F 90-22.1?

TD F 90-22.1 is a United States Treasury Department form called Report of Foreign Bank and Financial Accounts, or FBAR for short. This form is a requirement to fill out if a U.S. citizen owns any money in a bank located in another country.

Who Else Files?

The actual FBAR form itself is a very elaborate, long form that must be filled out by a citizen who has any ownership, joint or alone, in a foreign bank account. This means a foreign financial account that is physically located outside of the borders of the United States. If money is owned by someone within a foreign bank and it is located within the U.S., this does not apply and no form needs to be filed. Not only U.S. citizens fill out the TD F 90-22.1 tax form; any U.S. corporations or partnerships that were originally formed in the U.S. must also abide by its laws as well, assuming they own or have interest in a foreign bank. This form is a tax form for the United States Treasury to have knowledge of any citizen, corporation or partnership that has any authority over or interest in foreign financial accounts, as well as to tax whatever the amount is. It is the law to tax every United States citizen, even if a portion of their money is located outside of the country.

When to File

Should any citizen, corporation or partnership of the U.S. have authority over foreign financial accounts, it is not required to file the TD F 90-22.1 if they have any amount under 10,000 U.S. dollars. Also, it is not required to report any money being transferred from said foreign country into the United States if the amount is under 10,000. It does not matter if the owner or joint owners of the account has it for the benefit of themselves, for a person in that country, or for other people in the U.S.—they must file the FBAR if the amount is over the limit. The deadline for the FBAR is the June 30th that immediately follows the calendar year. On or before this date, the form must be filed and the Department of Treasury must have already acquired it. There is no extension date for this form, since a whole year is given to file it. However, in early 2011 a law was changed in which extensions were available for very specifics persons.

The penalties for not filing this form are quite severe; for every year that an owner of a foreign account with assets over 10k fails to file the form, they owe the IRS 10,000 dollars. This has been an applicable penalty since 2004 in the U.S. It isn’t a terribly long form (five pages to fill out with an additional three pages of information), so those who are required to file should definitely do so.

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