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The IRS requires that anyone having a foreign bank or investment account overseas where the balance ever exceeded $10,000 at any time…needs to file Form TD F 90-22.1 with the IRS if either of two situations is true.
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- Someone has foreign bank account or investment account and the balance of the account exceeds $10,000 at any time.
- Someone is an account signer on any foreign organization bank account that balance ever exceeds $10,000 at any time. (Examples include being a signer for somethin like your local church bank account
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- , being a signer for local non-profits, and other things .
If neither of
So if none of the above two situations apply to you, then you don’t need to do anything. (Reliant expects that most of our overseas missionaries will be in this category).
However, if either of the above two situations apply to you, you own or sign for an account that ever exceeds $10,000, then you will need to:
- File Form TD F 90-22.1 with the IRS.
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June 30 is the deadline for filing your Form TD F 90-22.1 with the IRS for the previous tax year. The Form must be filed every year.
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Here is a link to the IRS form and the instructions.
http://www.irs.gov/pub/irs-pdf/f90221.pdf
Here is a quote from this regulation:
Who Must File an FBAR.
A United States person that has a financial
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interest in or signature authority over foreign financial accounts must file an
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FBAR if the aggregate value of the foreign financial
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accountsexceeds $10,000 at any time during the calendar year.
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Effective July 1, 2013 – Electronic filing of FBARs is mandatory
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