Is a student on F-1 visa in the US, who has stayed in the country for more than 5 years required to file FBAR?

I came to the US in 2003 on F-1 visa. I converted to H-1 visa in Oct. 2010. From 2003-2008, I filed my taxes using a software provided by the university which filed 1040NREZ form. It did not ask for any foreign accounts.

I filed my 2009 and 2010 taxes using Turbo Tax. So it filed the 1040EZ forms. I did not declare any foreign accounts in 2009/2010 as I was unaware about FBAR.

Do I have to declare the file FBAR for 2009/2010 and declare foreign accounts?

If Yes, do I have to pay any penalty for not filing it earlier?

I would greatly appreciate your response.

Thank you.
-Ram

Ram:

If your foreign accounts in aggregate exceeded $10,000 at any time in 2009 or 2010, then, yes, you must submit the FBAR (Form TD-F 90-22.1). I recommend that you complete the forms for both years and mail it to the address in the instructions with a cover letter explaining that you were unaware of the requirement and that you are submitting the required paperwork late. In the ltter, request that the IRS waive all late filing penalties.

This is commonly called a "quiet" submission of layte FBARs. It is NOT part of the OVI announced earlier this year. Under that program, In my opinion, you are more likely to be subjectedto late-filing penalties.

If the amounts involved is less that $100,000, it is most likely that the IRS will accept the late FBAR submission without penalty, with a warning that you must continue to submit the Form TD-F 90-22.1 annually for as long as you file your tax return as a resident alien.