FAQs: Bank Account

1. I have several accounts (e.g., savings, checking, money market) in a local bank. I also have certificates of deposit from the same bank. How should they be listed in my report?

You must aggregate any cash accounts you have in a single financial institution and report them in Schedule A if they exceed $5,000. For example, if you have $1,000 in a checking account, $1,000 in a money market account, $3,500 in a savings account, and a $5,000 certificate of deposit in Commerce Bank, you should list the name of the bank and identify the assets as “cash accounts” in Schedule A. You also need to check a category of value for the aggregate value of the accounts. In the example above, the aggregate value is $10,500, so you would check the box in the “$1,001 - $15,000” column. You would also check a category of value for the amount of income earned as interest by the accounts during the reporting period.

2. Do I need to report the location (i.e., city and state) of the bank in Block A?

You do not need to include the city and state for U.S. deposits. If your bank is a small, local bank, you can include the city and state of the bank, but this information is not required for bank accounts. Report the country for foreign bank accounts.

3. What is the difference between a money market account and a money market fund?

A money market account is treated as an ordinary cash account for filing purposes. A money market fund is reported separately as an investment fund.

 

This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.

Note: To return to the previous page, close this browser window.