Hi,
I'm a US permanent resident(GC). While filing my tax returns for 2010 I came to know that I need to report all foreign bank accounts(Interest bearing).I have a NRE account. I have held this account from Dec 2008. I will be completing the form TD F 90-22.1 for my 2010 returns.
My question:
1)Since I did not complete the form during my 2009 returns, do I need to complete another form TD F 90-22.1 for 2009? Am I looking at any penalties?
2)Do I need to complete any other form in addition to TD F 90-22.1?

Yes, if your balance in foreign accounts was more than $10,000 any time in 2009, you are required to file this form. You can attach a statement explaining why you did not file earlier.
You may have to amend your 2009 tax return to report interest earned in 2009.
No other form is required. Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income (http://taxipay.blogspot.com/2008/03/us-citizen-or-resident-with-foreign.html)

Thank you so much! That was very helpful