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In 2017, using Credit Karma, I filed a tax return by must have said "No" to the question about foreign accounts. The max aggregate balance of all my accounts in 2017 was under $10,000 so I didn't have to file FBAR.

I lived in NY, so I filed IT-201 and 1040 forms. I printed them from Credit Karma (It was so stupid no to review them before filing last year):

In IT-201 in "D1 Did you have a financial account located in a foreign country?" I have "No"

In 1040 I didn't even attach Schedule B (I didn't have any interest, dividends etc. Only 1 W2 that year).

Line 7a–Question 1. Check the “Yes” box if at any time during 2018 you had a financial interest in or signature authority over a financial account located in a foreign country. See the definitions that follow. Check the “Yes” box even if you aren't required to file FinCEN Form 114.

Should I amend both of them?

I'm confused because... I was going through my prior returns and in 2017 I hired CPA to do my 2016 taxes. I definitely told him about my accounts (in 2016 I also didn't meet that 10k threshold). Interesting thing is, in NYS return (IT-201) he checked that I did have foreign accounts (D1 of IT-201 was "Yes"), but he didn't file Schedule B at all in federal return.

  • The instructions for schedule B specifically say that you should check No if the total value of your accounts is less than $10,000. – prl Apr 7 at 10:10
  • @prl Where? I see this: "Line 7a–Question 1. Check the “Yes” box if at any time during 2018 you had a financial interest in or signature authority over a financial account located in a foreign country. See the definitions that follow. Check the “Yes” box even if you aren't required to file FinCEN Form 114." – Ish Thomas Apr 7 at 12:52
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    My mistake—that exception was present until 2010 and was removed starting in 2011. The change wasn’t mentioned in “What’s New” and I had never noticed. – prl Apr 7 at 16:00
  • thank you @prl. So, would you agree that I should amend my NYS and Federal tax return of 2017? I will also have to contact my CPA who did 2016 taxes and ask him, why he didn't add Schedule B. – Ish Thomas Apr 7 at 18:39
  • Possible duplicate: money.stackexchange.com/questions/77611/… – prl Apr 7 at 22:36

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