How to Report Foreign Bank Accounts

If you are a U.S. taxpayer with a bank or financial account in a foreign country that exceeds $10,000 at any time during a calendar year, you must report that information to the Department of the Treasury. Officers and employees of banks or domestic corporations don't have to make such a report if they have no personal interest in the accounts.

Instructions

Difficulty: Moderately Easy

1. Download Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts from the Internal Revenue Service website. Complete Part 1 of the form which includes filer identification information and whether there is joint ownership of the foreign accounts.
2. Fill in the foreign accounts information including the type of account, the name of the bank or other institution, account number, maximum value of the account during the year, and the foreign country where it is held. Report the name and address of the account owner along with a social security number or other identification number.
3. Add any additional foreign financial accounts on the continuation page. The continuation page can be copied if there are more accounts to report.
4. File this report with the United States Department of the Treasury at the address shown on the form by June 30 of the subsequent year. Don't file this report with your tax return.

Tips & Warnings

• Failure to file this report or filing a fraudulent report can result in a substantial fine and possible imprisonment.