Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts is due every year on June 30, with no extensions possible. This form needs to be completed if the total combined value of all of your accounts outside of the United States exceeded $10,000 at any point in 2010.
Gathering Information: In order to complete the form for 2010 you will need the following information for every bank and financial account located outside of the United States in 2010 (even for one day in 2010) for which you were the owner and/or had signature authority, even if the balance of the account did not ever exceed $10,000:
1) Name and address of the Financial Institution
2) Type of Account (e.g. Bank (generally checking or savings accounts) or Securities (generally accounts holding stocks and bonds))
3) Account Number
4) Account Owner (e.g. you, your spouse, joint, your child(ren), your parent)
5) Maximum Value in local currency shown on any quarterly or more frequent statement in 2010 (see Part II, Item 15 on Page 7 of the form and instructions)
Types of Accounts: There are four “types” of accounts possible on this form, but only three apply to individuals. Make sure to report each account in the correct “Part”:
Part II: Accounts held by you separately
Part III: Accounts held by you and another person(s) jointly
Part IV: Accounts for which you had signature authority but no financial interest (e.g. company accounts)
Exchange Rate(s): Convert the “Maximum Value” to USD using the exchange rate on December 31, 2010, regardless of the date that the highest balance actually occurred during the year. For EUR-USD, the December 31, 2010 exchange rate was EUR 1 = $1.32515. For other currencies, you can find the exchange rate at www.oanda.com.
Joint Accounts with Spouse: If your spouse only had joint accounts (together with you), and no separate accounts, he/she does not need to file a separate form, but they do need to sign in Box 44 (indicate “spouse” after the signature). In Part III, where you list the joint owner, indicate “Spouse” after their name on each account. However, if your spouse had any separate accounts, they need to complete a separate form, including the joint accounts also.
1) Don’t forget to put the year in the top-right corner of the first page.
2) Don’t forget to tick the box for “Individual” in Box 2.
3) If you have a US SSN ot ITIN, include this in Box 3. In this case you do not need to complete Box 4.
4) Include your birthdate in Box 5.
5) Make sure the “Maximum Value” for each account is in USD.
6) Don’t forget to sign (and your spouse if applicable) and date the form.
Due Date: Form TD F 90-22.1 must be received by June 30. No extensions are possible. This is different than your tax return, which must be mailed/postmarked by April (or June) 15, and extensions are possible. We advise sending no later than June 15 to make sure it arrives on time.
Mailing: Once you have completed the form, mail it to the address shown on the first page:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
The street address for mailing Form TD F 90-22.1 by courier:
IRS Enterprise Computing Center
Attn: CTR Operations Mailroom, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
(313) 234-1062 (for delivery personnel only)
This form looks deceptively simple, so beware! These are only the basic rules. If you have a “non-standard” situation, you may want to consult with your tax advisor, and/or buy the 180 page E-Book Guide to Reporting Foreign Financial Accounts, which can be purchased for $49 at www.offshorepress.com.