Missing account and error in 2010 TD F 90-22.1

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InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

Missing account and error in 2010 TD F 90-22.1

Post by InSearchOf... »

In preparing for my 2011 return I realized that I missed reporting an account and that another has a typo in the account number. As as result I have the following questions:

- Do I re-file for 2010 with the updated information or correct it for the 2011 filing?
- Should I include a cover letter to explain the situation when I file?

On a seperate note, if I closed a foreign account and the balance for the entire 2011 year is zero, do I have to report a zero balance on the 2011 form or just take it out?

Thanks in advance.
NickH
Posts: 27
Joined: Tue Jan 31, 2012 11:28 pm

Post by NickH »

For the 2010 FBAR, I presume one would tick "Amended" in the top right hand corner and submit a corrected FBAR for the year in question. I would include a cover letter.

For the 2011 FBAR, I presume you are not required to report accounts which no longer exist.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

FBAR is for existence of accounts, not merely value. If the account existed in 2011, then you need to report it.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

Post by InSearchOf... »

Thanks for the info everyone.
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