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New Member
posted May 5, 2020 6:56:08 AM

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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Expert Alumni
May 5, 2020 7:15:59 AM

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)