1232039
You'll need to sign in or create an account to connect with an expert.
Depending on the balance of your foreign bank account, you may have a reporting requirement. You do not need to report cash you hold.
You potentially have two reporting requirements, The Report of Foreign Bank and Financial Accounts (FBAR) and/or Form 8938, Statement of Specified Foreign Financial Assets.
There are questions in TurboTax regarding your foreign accounts and the program will advise you if you have a reporting requirement. If you do, you convert your currency to USD before filing.
Comparison of Form 8938 and FBAR Requirements
For the cash that I hold out of a bank account in my home country, even though is more than the minimum FBAR amount, I do not need to report, right?
If I move this amount to a bank account, for the next tax report, will I have problems?
You do not need to report cash on the FBAR however you do need to report any income received during the tax year on your US tax return.
I do not know if you could have a problem regarding an increased foreign bank account balance. That is impossible for anyone to say.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
RicN
Level 2
user17522839879
New Member
Pablo287
Level 2
Zmir
New Member
jyee315
Returning Member