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I included and paid tax on the interest I earned in my foreign account as 1099-INT, but it didn't file a Schedule B or ask if I had foreign accounts.

Since the account has over $10k, I need to file an FBAR, but do I need to file amended 1040x returns just to check off the "yes" box in Schedule B Part 3? If so, for how many years do I need to amend the returns?

Thanks for any help.

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  • If you had underpaid tax but not willfully and you live here, you would come under the Streamlined Domestic Offshore program which is satisfied with 3 years amended returns, 6 years FBARs, and fixed 5% penalty. I don't know any regs that apply specifically to you, but it would seem inequitable to treat you worse than a non-payer. FWTW. Good luck.
    – dave_thompson_085
    Apr 13, 2018 at 17:59

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