Mike Johnson's Shady Finances Are Already Coming Back to Bite Him

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38. Here's the whole thing for reference.

FAQs: Cash Account

1. I have several cash accounts at a local bank. How should they be listed in my report?

Aggregate any cash accounts you have in a single financial institution and report them in Part 6 if they exceed $5,000. For example, if you have $2,000 in a money market account, $3,500 in a savings account, and a $5,000 certificate of deposit in Commerce Bank, identify the assets as “U.S. bank (cash)” in Part 6. Select a category of value for the aggregate value of the accounts. In the example above, the aggregate value is $10,500, so you would select the “$1,001 - $15,000” category. You would also select a category of value for the amount of interest income received during the reporting period.

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

A money market account is treated as a cash account for filing purposes. A money market fund is a type of mutual fund (see the “Money Market Fund” entry).

3. How do I report a sweep account?

Report the sweep account as “U.S. brokerage account (cash).”

4. Do I need to report my checking account?

You need to report an interest-bearing checking account in the same manner that you would report other cash accounts.

5. I have physical holdings of cash in a safe deposit box. Do I report that?

You do not have to report currency held in the form of paper currency or coins, unless the currency is held for investment or the production of income (e.g., a collection of antique currency from which sales are made).