Foreign Financial Assets

There is another deadline looming on the horizon for US citizens living overseas, and it could include those living domestically in the US. It is the filing date for the form TD F 90-22.1 which is June 30 each year and there is no provision for an extension. If you (wherever you live) have more than US$ 10,000 in foreign financial assets, you are supposed to file this form. Willful failure to file gets you a penalty of US$ 10,000! Supposedly, if you neglected to file in previous years and you file to catch up with an appropriate "mea culpa" (I'm guilty) statement asking for forgiveness, the fine will be forgiven. This is for "financial" assets only and, "yes" it includes your checking account from which you buy groceries if you live overseas and the balance goes over $10,000 even once during the year. Sorry to give you the bad news. Don't get caught on this one as not filing. Take care of it. Soon.