Do I need to file a 1040x to add a foreign bank account ( forget to file on Form 8939) (no interest 2017)(already report 5 accounts I have)if need, file now or next year?

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I just mailed my 2017 tax return after finished by TurboTax. I reported my 5 foreign financial accounts and assets on Form 8938. I start preparing my FinCEN Form 114, but I notice that I forget to report one foreign bank account with $1270 deposit but no interest in 2017 to IRS. The account has been closed in Feb this year. Do I need to file a 1040X to add this account? If so, when do I need to file? Immediately or wait for next year tax return time?

[DS30 · Accepted solution]

Because the IRS has become very strict about the reporting of foreign financial assets and the penalties for not reporting these assets is so severe, you will want to amend your 2017 tax return to include this missing foreign financial account on your Form 8938.

You can file an amended 2017 tax return once your 2017 return has been accepted by the IRS. Since you mailed in your 2017 return, you may want to wait several weeks before filing your amended return.

As for your reason for amending (to report on your 1040X), you can state that you forgot to include a foreign bank account that was included on your FBAR on your Form 8938.

Click this link for more information on How to Amend a Return You Already Filed

Amended returns must be printed and mailed, and take up to 12 weeks to process.