1. Tuesday, June 26, 2012 - 11:35 AM
Ken: Does this also include accounts held for example in one of the Chinese banks which are here in the US and also under FDIC insurance? Are they still considered "foreign" banks? Thanks!
461 posts since
Aug 10, 2011
Rep Points: 1,814
2. Tuesday, June 26, 2012 - 2:11 PM
Paoli2 - No. If the account is US based, even with a foreign bank, this is not required.
Those with overseas accounts also need to be aware of Form 8938 introduced this year, for the 2011 tax year. The account limits are different, but if you exceed them you must report on all overseas accounts, including pensions.
This is becoming a nightmare for Americans working overseas.
4 posts since
Jun 5, 2012
Rep Points: 17