2017 Income Tax Return Threshold

2017 Income Tax Return Threshold

You are not required to file income tax return in 2017 if your income threshold is less than $10,400

There are, however, foreign information reporting forms that you may be required to file. For example, IRS Form 5471 if you have ownership in a controlled foreign corporation. Foreign Bank Account Report (FBAR) if you have foreign financial assets in excess of a certain threshold amount.

The penalties for not filing form 5471 are $10,000. In addition, minimum penalty for failure to file foreign bank account report, when required, is also $10,000.