About Form TDF 90-22.1...

"Even though you may not have to file a tax return, you may still have to report your foreign bank accounts, credit cards, etc to the government.  Form TDF 90-22.1  is required to be filed by U.S. citizens and permanent residents who have financial interest in or signature or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of these financial accounts exceeded $10,000 at any time during the tax year. The form is due on June 30th of each year following the year reported on.  Again this isn't a form you would ever owe any tax on, but the US government wants to keep tabs on any and all foreign bank accounts."

A member named, "Kitsonk" posted this information awhile back...I am wondering if it newly applies to me at all...

I have not worked--and do not work--here in the U.K. and did not ever work in the U.S. (was on SSI which is not taxable income). I own no property, have no investments and haven't any assets and as such I have never had to file taxes...I do have a U.K. bank account which has basically been setting empty for the past few years that I have been living here and only recently has got some action since we are having our U.K. Child Tax Credit deposited directly into it at the sum of £89.00 per month. I also hold a bank account back in the U.S. which also receives little action and that is used for those occasional times when my family wants to bestow monetary gifts. Neither of these accounts accrue much money at any given time--the equivalent of maybe $150.00--$200.00 on average--yeah, I am pretty 'broke'!

However, literally, just two days ago--my husband added me onto his British bank account so that we could pay a Council Tax refund check in that was in both of our names. None of the money that comes into this account is acquired via my earnings since I am unemployed and am a, 'stay-at-home-mother'. All of the earnings that come into it are his--due to his employment with a British company (he is a British-born citizen). I am not entirely sure if this account's value even nearly exceeds $10,000 at any time during the year (nor does he seem to know what the account is currently at without checking and he is the sole holder of other accounts like his savings and ISA)--but if it does and I remain on the account (as I really did not want to be put onto his account, but agreed so we could finally pay that refund check in!)--do I need to file, "Form TDF 90-22.1" for next year?

Thanks for any info and for putting up with my naivete here!  

Cheers!

Yes, you will have to file it if the value of the account touches or goes over $10k at any point. It doesn't matter if you've earned the money. It's if your name is on the account.

Okay--currently, he tells me it is just at over only £1,000 with the majority of the money in his other accounts! But thanks so much for this info--good to know!   Wow! There is some really valuable information around here at this site--stuff I would have, otherwise, had NO idea about!

P.S. Aww! I just noticed...Best wishes to you and your baby! I just gave birth to a son 3 1/2 months ago!

Note that it is based on having $10,000 or more at any one time in the year, not how much you have in total at the end of the year.

So, suppose that someetime during the year you had $2000 in your account.

You had to make a payment of  $8000 for something.

You transfered $8000 into your account and by the end of the day, the $8000 had been taken out of the account to pay for that expense.

It counts as you having had $10,000 in your account, even if it was only in your account for a few hours.

Sorry to hijack this thread, I also had a couple of FBAR-related questions.

(I'm an NRA, only ever been to the US on a visa waiver, married to a US citizen, both resident in UK.)

- Is it true that bank accounts which are solely in my name do not need to be reported on my wife's FBAR? The guidance doesn't seem to indicate we need to do that.
- About half way through 2009, my wife's name was added to a bank account which was previously only in my name. The single highest daily amount in the bank account was substantially higher before her name was added than it was afterwards. Do we report the amount pre-adding her name? This is what I'd be inclined to do - better safe than sorry.
- Do I need to report a 'gift' of more than the threshold, from me to her? As an NRA, I don't think gift tax applies to me, since according to the IRS, 'the donor is generally responsible for paying the gift tax'. I'd like to make sure though.

Thanks for any help.