Foreign Account Reporting Confusion

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mikem
Posts: 48
Joined: Sun May 20, 2007 12:42 pm

Foreign Account Reporting Confusion

Post by mikem » Tue Apr 01, 2014 9:49 pm

Moved to the US in early 2012. Retained a total of 3 Canadian bank accounts when I moved here, one with a balance of around $52K, the others next to nothing (one has $2.16 and the other fluctuated throughout the year, usually no more than $300-400 balance) & were primarily used for paying credit card bills, etc. We filed taxes last year and sent in form TD F 90-22.1 declaring the one joint account with balance of around $52K, left off the others because I was of the impression that I only needed to declare accounts with balance of $10K or more.

I now see that I need to submit FinCen Form 112 and declare all accounts, regardless of balances. It also looks like I messed up last year and should have declared these other tiny accounts? Some questions:

1. Am i correct in believing that I need to submit ONLY FinCen Form 112 this year, declaring all these accounts regardless of the balance? Does my wife need to submit one as well for our single joint account?

2. Should I have declared ALL accounts last year, even those with tiny balances? if so, was the form TD F 90-22.1 the right one, or was I supposed to use another form as well?

3. If I was supposed to declare them last year, should I declare this year with Form 112 back dated to last year? And a separate form 112 for this year?

Sorry about all the questions but I've been scouring this forum and am still feeling confused.

Thanks.

mikem
Posts: 48
Joined: Sun May 20, 2007 12:42 pm

Post by mikem » Tue Apr 01, 2014 11:36 pm

Meant to say FinCen Form 114 not Form 112. Not sure where I got the 112 from.

Thanks!

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Wed Apr 02, 2014 12:05 am

1. correct
2. the rules were the same last year, with old TD form. You should consider updating that old submission.
3. old TD form for 2012, FinCEN for 2013, 2014, 2015.... You need to submit info EVERY year.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

mikem
Posts: 48
Joined: Sun May 20, 2007 12:42 pm

Post by mikem » Wed Apr 02, 2014 12:31 am

Thanks nelsona. When I resubmit the TD for last year, should I include only the accounts that were missed or also include the one that I did declare?

nelsona
Posts: 16516
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Wed Apr 02, 2014 9:12 am

resubmit
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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