Re: Foreign bank account

I had a foreign bank account with a balance of more than $10K for 1 month during 2020. Do I still have to report that account?

Thanks!

posted

Yes. If the aggregate value of your foreign financial accounts exceeded $10,000 at any time during the calendar year reported, you must file a Foreign Bank and Financial Accounts (FBAR). File electronically through FinCENs BSA E-Filing System. The FBAR is not filed with a federal tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"