As you recommended some years ago, we went ahead and purchased Swiss annuities.
Yesterday, we received a notice from Switzerland that we have to fill out form “TD F 90-22.1”, “Report of Foreign Bank and Financial Accounts”. I was under the impression that since annuities were NOT bank accounts, this didn’t apply to us. And starting next month, the Swiss are redeeming our policies, since it’s been the five years we noted on our applications.
This is very disturbing to me. I don’t like our government’s intrusive behavior as it is, but the Swiss seem scared of Obama. Are we going to be in trouble because we haven’t reported this previously? (I don’t expect a definitive answer from you on that one.) But any advice or recommendations?
Secondly, we have some nightmarish stories about Children’s Services in this country; maybe it’s time to do another piece on them, because they have too much power and appear to be out of control.
Thanks! We always appreciate your newsletters.
Pamela G., R.N., B.A.
Dear Pamela G.,
It appears that this is the last straw! Many people will NOT respond to this invasion. It is a big disappointment! As to whether to report, this is a decision you will have to make for yourself. There is always risk with the IRS, but legal or otherwise, I would avoid any reporting on an insurance policies at this point.