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TD F 90-22 (FBAR Form)...

Discussion in 'General Discussions - USA & Canada' started by shrutidunwoody, Feb 17, 2012.

  1. shrutidunwoody

    shrutidunwoody Bronze IL'ite

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    hello everyone,
    I have a question related to the filing of the TD F 90-22.1 (FBAR form) also avlb on the IRS website, which seems to be a requirement if the balance in foregin bank account > 10k at any time during the last tax year. Has anyone filled out and submitted this form by any chance? It seems to be a requirement and the deadline for this is jun 30,2012. if not filed, a heavy penalty is likely to be imposed. what I wanted to know is we need to report income in foregin bank account as of 12/31/2011 or is it only during that calendar year (i.e. 01/01/2011 to 12/31/2011). any inputs into this will be highly appreciated..thanks
     
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  2. srims

    srims Bronze IL'ite

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    you can find out a clear solution in 'immihelp.com/FBAR'. Iam also sailing in the same boat.Filed FBAR last year, Aug 2011.still no response from FBAR
     
  3. Rajeshwari

    Rajeshwari New IL'ite

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    Even i had the same question. They also say we should have declared for all years starting 2003.One of company suggested that we close all existing accounts and create a new NRI account.very confusing.
     
  4. shrutidunwoody

    shrutidunwoody Bronze IL'ite

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    it sounds like banks have now started reporting the remittances done via wire transfer (i.e. NRE account linked to US bank account). i am thinking we need to show the total balance as of 12/31/2011 in all foreign accounts on the TD F 90-22 form if bal is greater than 10k USD. However, if bal exceeds 100k USD, then we need to fill out the FATCA form as well..any inputs into this or any further info that can help ??
     
  5. shrutidunwoody

    shrutidunwoody Bronze IL'ite

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    any further inputs on this one ? does anyone have any follow-up or information, or this came up while filing your 2011 taxes ??
     
  6. srims

    srims Bronze IL'ite

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    We filed for 2011,but still no Response.Any one who received any communications about FBAR please write.
     

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