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Foreign Bank and Financial Accounts

You must tell the U.S. Treasury if you have both of these:

  • Financial interest in or authority over any foreign accounts
  • Foreign accounts that total more than $10,000 at any time in the year

To report the foreign accounts, complete FinCEN electronic Form 114. You’ll need to submit this form separate from your return by June 30 of each year.

After June 30, 2013, you must e-file Form TD F 90-22.1. If you're required to file the form but fail to do so without reasonable cause, you might be charged a penalty. The penalty could be up to $10,000. If you willfully fail to file, the penalty increases to the greater of these:

  • $100,000
  • 50% of the balance of the account

You might also be charged with criminal penalties.

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