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Topic: Stupid questions about tax forms & bank accounts  (Read 1190 times)

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Stupid questions about tax forms & bank accounts
« on: February 09, 2007, 12:14:09 PM »
I have two dumb questions that I am not having much luck finding the answer to:

1.  How do I report information for more than one employer on the 2555?  Do you suppose I just put the current one (U of Durham), or do I need some kind of ammendment form to report all three that I have had this year?

2.  Do I need to fill out the TD F 90-22.1 (Report of Foreign Bank and Financial Accounts)?  It says you have to if the aggregate value exceeds $10,000 at any time during the calendar year.  Do I read this to mean that the value exceeded $10,000 over the course of the whole year (that is, if you add up all of the deposits I've made all year), or only if I had that much at once?
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Re: Stupid questions about tax forms & bank accounts
« Reply #1 on: February 09, 2007, 03:59:42 PM »
2.  Do I need to fill out the TD F 90-22.1 (Report of Foreign Bank and Financial Accounts)?  It says you have to if the aggregate value exceeds $10,000 at any time during the calendar year.  Do I read this to mean that the value exceeded $10,000 over the course of the whole year (that is, if you add up all of the deposits I've made all year), or only if I had that much at once?

It means that at any point in the year, did any of your foreign accounts (including accounts you only have signatory power on) exceeded $10,000.  In simpler terms if you were to have looked at all your accounts, every day and added them up, would the amount on that day exceeded the equivilant of $10,000?
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Re: Stupid questions about tax forms & bank accounts
« Reply #2 on: February 10, 2007, 06:10:26 AM »
1)  all on one works fine. under "employer", list 'em all.  under "employer's address", just write "all London" or whatever.  It's not precision they're looking for, it's whether or not you seem truthful.

2)  Kitsonk is correct.
Liz Z i t z o w, EA
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Re: Stupid questions about tax forms & bank accounts
« Reply #3 on: February 11, 2007, 11:12:41 PM »
It means that at any point in the year, did any of your foreign accounts (including accounts you only have signatory power on) exceeded $10,000.  In simpler terms if you were to have looked at all your accounts, every day and added them up, would the amount on that day exceeded the equivilant of $10,000?

Thank you so much for that myself.  I tried asking the IRS in London that, but they couldn't seem to answer that simple question!  Phew!  One less form / series of forms to fill out!  (sorry for my overexuberant glee.)


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