# IRS Schedule B: foreign accounts



## xali (Feb 19, 2014)

Hi, 
I'm not sure if anyone having a foreign bank account must use IRS Schedule B Part III (Foreign Accounts and Trusts) or just those having over $1500 of taxable interest. Part III would be the only reason for me to file that form. I only have a checking account with no interest. I just don't know how to interpret the rules for filing the form--if it applies to any account (interest or no interest). Thanks for your help.


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## BBCWatcher (Dec 28, 2012)

It's right in the instructions, and they're quite clear. Yes, you use Schedule B and fill out that third section (at least), even if your foreign account didn't pay interest.


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## Bevdeforges (Nov 16, 2007)

Yes, you have to file the form if you have any foreign bank accounts. If you don't have the threshold amounts of interest or dividends, you can leave the other parts of the form blank. I've usually used the first section to do a quick summary of interest by bank (not by individual account) because if you do that, then the tax prep software will automatically carry the total over to the correct line on the 1040 for you.

But it's only the check boxes on the bottom of the form that are absolutely necessary.
Cheers,
Bev


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