You do not have to report your foreign bank account on your tax return unless the foreign account goes over $10,000 for just one day, you have to file an FBAR.
Also you will need to report any foreign bank interest you receive because US citizens and residents are required to report all worldwide income in USD on your tax return.
If you
have foreign bank accounts, you may be required to file a Report of
Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:
- you had
a financial interest in or signature authority over at least one financial
account located outside of the United States; and
- the aggregate value of all
foreign financial accounts exceeded $10,000 at any time during the
calendar year reported.
To be directed to the US Treasury Government Website to
prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)
