Reporting foreign bank account of less than 10000 dollars

Forum|Forum|7 years ago
June 3, 2019
2 replies
16 views

I have a foreign bank account that earns less than $1 interest and has a balance of less than $10000. Do I need to report any form to IRS? When I went through turbo tax process, it did not produce any form at the end or has any information on my tax return that I have foreign bank account when I previewed my tax return prior to file it.

TurboTax Deluxe Windows

KristinaK

Employee Tax Expert

Yes, there is reporting requirement for foreign accounts even if the balance at any time during the year was less than $10,000. It is reported by a checked box on Schedule B.

You need to say "yes" or check the box when the program asks if you had "Owned or signed on a foreign bank, broker, or other financial account." If at any time during tax year you did not have equivalent of $10,000 or more on your bank account(s), then there will be no additional filing requirements. But if you do have additional foreign bank/asset required reporting to do, TurboTax will walk you through and suggest the next step.

If TurboTax doesn't prompt you for foreign account information, go to: Federal Taxes (Personal in Home & Business version) - Wages & Income - under the section Interest and Dividends start the interview for 1099-OID, Foreign Accounts.

You can also read more about it here: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial...

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Taxonpmy

Level 2

I understand this situation, I followed the instruction as suggested by turbo tax according to this - You need to say "yes" or check the box when the program asks if you had "Owned or signed on a foreign bank, broker, or other financial account." My question is: My foreign account balance was less than $10000 at all times during last calendar year, But I received interest < $50 and > $10 on that income, so do i still need to report this interest received using 1099-INT option?