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posted Jun 4, 2019 4:02:39 PM

Foreign Accounts section what is the difference between "I had a bank, broker...a foreign country" and "I signed on, or had ... account in a foreign country"?

What is the difference between "I had a bank, broker or other financial account in a foreign country" and "I signed on, or had another authority over, a bank, or other financial account in a foreign country"? I have a foreign bank account under $10K.

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1 Best answer
Expert Alumni
Jun 4, 2019 4:02:40 PM

One means you own the bank account- its your money.

Signature authority means its not your money (no financial interest), but you have access to the account and can control funds to some extent. This might be most common in employee situations. Signature authority (and no ownership) is not that common.

If all of your foreign accounts' maximums did not exceed $10k, you don't need to file a special form.

1 Replies
Expert Alumni
Jun 4, 2019 4:02:40 PM

One means you own the bank account- its your money.

Signature authority means its not your money (no financial interest), but you have access to the account and can control funds to some extent. This might be most common in employee situations. Signature authority (and no ownership) is not that common.

If all of your foreign accounts' maximums did not exceed $10k, you don't need to file a special form.