I just recently read that all US citizens are required to fill out form 90-22.1 if we have any foriegn bank accounts. Ive been here for almost 9 years and this was the first I had heard about that.
Anyone else heard of this and are doing it?
"You must fill out Treasury Department Form 90-22.1 every year if you own, or have an interest in, any foreign bank accounts. I'll tell you what you need to know in order to fill out TD F 90-22.1 accurately and confidently.
Reporting Foreign Bank Accounts
You must report accounts you hold in foreign banks and other financial institutions if your total balance is $10,000 or greater.
The $10,000 threshold is for your aggregate account balances. In other words, your total across all your foreign accounts.
If you earn dividends or interest in these accounts, that income is reported on Form 1040 Schedule B, and you would check the box in Part III Line 7a and indicate the country or countries where you have accounts. Additionally, any foreign taxes paid on your interest and dividends may qualify for the Foreign Tax Credit on Form 1116. "