- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
It depends. If the balance of your accounts exceed $10,000 at any time during the year, you have a FBAR requirement to report to the US Dept of Treasury. You do not need to report this in Turbo Tax but you do need to report this separately with the US Treasury Dept. You would need to report it here.
Now if your foreign assets accounts reach more than $50,000 at anytime, then this is called a FATCA requirement, which requires form 8938. This is handled through Turbo Tax and would require a Deluxe version to file.
In your instance, if your accounts are under $50,000, you do not need to report your foreign bank accounts in Turbo Tax and may stay in the free version. Keep cognizant of the fact at some point, you may have a FBAR requirement and you may access it with the link I provided in my opening paragraph.
**Mark the post that answers your question by clicking on "Mark as Best Answer"