Turbotax asked me do I have an international bank account, is it asking that to know which bank to deposit my money into? What is the reason for the question?

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TurboTax asks you about a foreign financial account because this is a reporting requirement of the IRS. People with foreign bank accounts have to report the fact on their tax return.

And if these accounts have balances over $10,000 at anytime during the year, they have a file a FBAR (Foreign Bank account report)

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Backdoor Roth IRA 2024 - Turbotax is taxing the entire amount of the conversion (which is incorrect - the conversion amount is the same amount as the basis from the non-deductible IRA that I am converting to Roth.

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Turbotax asked me do I have an international bank account, is it asking that to know which bank to deposit my money into? What is the reason for the question?

Turbotax asked me do I have an international bank account, is it asking that to know which bank to deposit my money into? What is the reason for the question?

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Turbotax asked me do I have an international bank account, is it asking that to know which bank to deposit my money into? What is the reason for the question?

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Turbotax asked me do I have an international bank account, is it asking that to know which bank to deposit my money into? What is the reason for the question?

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