If you have a financial interest in or authority over any foreign accounts that total more than $10,000 at any time during the year, you must report it to the Treasury Department. You do this by completing Form TD F 90-22.1. The H&R Block software will prompt you to file this form if you answer Yes when asked about foreign accounts in the Interview. The deadline for filing this form is June 30.
Send the form to the Treasury Department at the address shown on the form — not the IRS. If you’re required to file Form TD F 90-22.1 but don’t do so, you might have a penalty of up to $500,000, up to 5 years in prison, or both.