You must file a report of Foreign Bank And Financial Accounts (FBAR) because of the requirements below. When you file Form 8938, you will enter one bank account and when the entry is finished you will answer "yes' to "I have other financial assets to enter.....", then enter the second bank.Click this link to see if you are required to file Form 8938: IRS-DoI need to file Form 8938? Who Must File an FBAR:United States persons are required to file an FBAR if:the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; andthe aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.To be directed to the US TreasuryGovernment Website to prepare a Report of Foreign Bank and Financial Accounts,click FBAR (TurboTax does not support this form)

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icici_60efcd26-a

Level 1

Question

I have two foreign bank accounts with a total of more than $10000. Do I need to report those accounts? When it asks for the bank acc#, which account number should I put?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax Basic Windows

DianeW777

Level 15

You must file a report of Foreign Bank And Financial Accounts (FBAR) because of the requirements below. When you file Form 8938, you will enter one bank account and when the entry is finished you will answer "yes' to "I have other financial assets to enter.....", then enter the second bank.

Click this link to see if you are required to file Form 8938: IRS-Do I need to file Form 8938?

Who Must File an FBAR:

United States persons are required to file an FBAR if:

the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

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