Filling out Form TD F 90-22.1 for the first time?

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MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Filling out Form TD F 90-22.1 for the first time?

Post by MIKE2000Z28 »

I have been living in Montreal since 2004 and have filed a US return every year here except for 2005 when i didn't make enough to file. Anyway i never filled out this form before. I have a checking account i share with my wife(Canadian citizen) and my own ING TFSA, and some rrsps with ING and National Bank. What are they really looking for with this form? As long as i list the Bank name and account number and how much? I don't want to get into any trouble but obviously i have nothing to hide and im not making any income besides some interest in the TFSA which is under a 100 bucks.

Thanks
Im an American citizen with Permenent resident status in Canada and my wife is just Canadian.
MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

Does the TD F 90-22 need to be filed if none of your bank accounts have 10k or more in it at any time? I have quite a few accounts but none of them have 10k in them, but they add up to over 10k so what do i do?
MaggieA
Posts: 112
Joined: Sun Oct 31, 2004 4:06 pm

Post by MaggieA »

Yes, if they add up to over $10K US at any time during the year, you have to file. As to what to do about neglected past filings, I don't know.
MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

How come its written if any of your foreign accounts have 10k at any one time. None of my accounts have ever had 10k in them at any one time. I have one account at lets say 2k, one at 8k, and one at like 300 bucks. So i would have to list all 3 of those accounts even though none of them have had 10k in them ever?

Its just a bit confusing if you never filled out the form before.
MaggieA
Posts: 112
Joined: Sun Oct 31, 2004 4:06 pm

Post by MaggieA »

[quote="MIKE2000Z28"]How come its written if any of your foreign accounts have 10k at any one time. None of my accounts have ever had 10k in them at any one time. I have one account at lets say 2k, one at 8k, and one at like 300 bucks. So i would have to list all 3 of those accounts even though none of them have had 10k in them ever?

Its just a bit confusing if you never filled out the form before.[/quote]

I don't know where you're getting your information. On the actual TDF 90.22-1 form, in the instructions section, it says:

... if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year, ...

Perhaps you don't know what the word "aggregate" means. It means all of your accounts added together.
MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

Well im running into serious problems here. I have an ING account, that has many sub accounts so to speak. The problem is when i had a RSP GIC in 2008 to file for my TDF 90.22 form, once the GIC matures a year later, the account number changes to another number, and then another number after that matures so if they go look it up, its not there anymore. I feel like just giving them my client number and say look at all my accounts for yourself at this point. The only accounts that don't change numbers every year are my National Bank of Canada accounts with my wife.

For 2008 in ING, i have a $5000 RSP GIC with an account number that isn't valid anymore since that GIC matured into another GIC with another account number. Since the GIC number is the account number, so once the GIC changes, so does the account number.

What do i do?
andied
Posts: 55
Joined: Wed Feb 09, 2005 11:21 am

Post by andied »

The US government has become increasingly intrusive and privacy is a nice memory, but it is what it is, and I am not going to fight it. It is trivial to add another (or several) accounts on the TD-F-90. If you had an account last year, report it; if it is now a different number, report the new number next year.
andied
Posts: 55
Joined: Wed Feb 09, 2005 11:21 am

Post by andied »

Also, Mike, if your ING sub accounts have the same main number, with a different suffix, ("12345-A", "12345-B", etc.), you can simply report the "12345"--this was from info I received from the IRS.
MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

Hey guys, the ing accounts don't have the same prefix, completely different numbers. I just don't want to give them an account number from 2008 that doesn't exist anymore.

So basically give them the account numbers for 2008 even though they don't exist and thats it?

Right now i have to file a TDF 90.22 for the years 2007,2008 and obviously this year. I got done my 2009, however for the previous years, do i put a check on amended or no? Technically its not amended since i never sent one in?
MIKE2000Z28
Posts: 53
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

Alright i think i finished the amended tax forms.

For 2006-2008, added form 8891 and schedule B.

For the TDF 90 form. Do i check the amended box or no since i never filed for the year 2007, 2008?

Do you think they will penalize me for filing those 2 years?
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