International Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Americans: Let's talk FBAR (Foreign Bank Account Reporting)
I read/responded to this thread a few weeks ago and promptly forgot about it:
http://community.thenest.com/cs/ks/forums/64488374/ShowThread.aspx#backToTopAnchor
I had never heard of it before reading this.
Is there a special FBAR form you have to fill out and return with your yearly tax return? Or what?
Tell me your experiences with this, or make me feel better and say I'm not the only fool IN who's never heard of this.
Re: Americans: Let's talk FBAR (Foreign Bank Account Reporting)
Yes. It's form TD 90-22.1. It's on the IRS website. You do not file it with your tax return. It is totally separate. It's due June 30. Only required if you had signature authority over bank accounts whose value exceeded $10,000 at any time during the year.
There is a new form this year that you do file with your tax return Form 8938. Required if your assets abroad exceed $200,000. This is not just bank accounts like the TD 90-22.1. This is investment accounts, pension plans, foreign retirement plans, etc.
ETA: the IRS has a lots of reference materials for taxpayers abroad. A good starting place is here http://www.irs.gov/businesses/small/international/article/0,,id=97324,00.html
Sorry no clicky. On the iPad.
TD 90-22.1 is a PitA! And they keep making it harder! It used to just be the account numbers and details of all of your foreign accounts, but now they want the "maximum balance during the calendar year." I can't even get that from the bank! You'd basically have to go back through the balances after every deposit to find the highest one. F- that. I just guess and make something up that's reasonably close. If I ever get audited to the point where they care that I'm off by a few NOK, I'll renounce my citizenship and live abroad as a felon. They can't seriously expect me to spend hours and hours pouring over every transaction in every bank account. It took me hours just to find the bank addresses and account numbers to fill out the form the first time (now I just keep a saved copy and update the one from last year -- until they add more stupid fields to the stupid form).
...and I'm rethinking this Comic Sans threat. I look even more like a raving lunatic in Comic Sans.
You should just be poor like me!
(And it's tough taking Comic Sans seriously).
My account was up above the limit for like three days last year when we had to pay the kitchen. Sounds like I'll be reporting this year.
So I'm the only one who had never heard of this? Damn!
I don't understand how this is enforceable. In the thread on MM they said the U.S. is cracking down on foreign banks.
Whaaaa.....so the U.S. is going around to every single bank on planet earth saying "Tell me about the accounts held by U.S. citizens!" Pssh, as if that's enforceable. Also: I'm sure for dual citizens their banks don't even know they're American citizens.
One more time, like I'm 5, which one of the above mentioned forms should I be using? The new one that goes to the IRS (I've already sent off my 2011 taxes) or the old one that's been around forever?
The Obama administration had a major showdown with UBS (who couldn't release the information without violating Swiss law) two years ago. It's enforceable against the banks if they do business in the US, which almost all major international banks do.
That and the tax thing make me incredibly upset that I had the grave misfortune of being born in the US.
ETA: I realize that this is an Op-ed and therefore slanted, but it's got a pretty good summary at the front (even if I do happen to agree with the position the author takes) http://www.huffingtonpost.com/georges-ugeux/united-states-of-america_b_263446.html
Old form if your bank accounts are with more than $10k.
If you're monied up ($200k+) then you need new form also, but the po' folks can skip it.
Ohhhh, I see the difference now. Duh.
Signed,
Relatively po'
I've never heard of this. But to be honest, this is the first year it would be relevant to us anyway so it's not like I've missed much. Sigh. DH and I share a hatred of doing paperwork so I'm not looking forward to adding another form to the list.
BFP Apr 2012, EDD Dec 19 2012 * twin h/b at 6wk, 9wk scan * Baby A lost at 12wks, Baby B was my rainbow born at 36wks