I didn't report my foreign account exceeding $10,000 in 2017.

[saljas]

I wasn't aware that it needed to be reported, but I've just realized that I had a little over $15,000 in my foreign bank account in 2017.

• Am I in trouble and what's the penalty amount?

• Do I amend the 2017 tax return and include the interest amount?

• Or do I  just need to report it to IRS?  

[MaryM428 · Accepted solution]

You can amend your 2017 tax return and include the foreign bank account information.  You will also need to file a FBAR.  That is a report of foreign bank accounts and is not handled by TurboTax..  You will do that through the FBAR website or through this website: BSAE Filing.

You should file your FBAR as soon as possible and indicate that you are filing late because you didn’t know you were required to file by selecting that option in the drop down menu.  

Here is how to amend your return.

Form 8938 - if above the filing threshold

Here is information on the FBAR.

[edited3/8/2021 | 4:48 pm PST]