@samurai226 ,
There are two similar but different reporting for foreign accounts/financial assets ---- See here for a comparison of requirements --> Comparison of Form 8938 and FBAR requirements | Internal Revenue Service
(a) FBAR , form 114 is ONLY online at www.FinCen.gov --- it will generally direct to a filing site -->
BSA E-Filing System - Welcome to the BSA E-Filing System. TurboTax is not involved in this.
(b) Depending on type of asset(s) you may also have to file the FATCA form 8938. This is through TurboTax ( i.e. it is part of return for the tax year).
(c) While there is NO tax consequences as a result of filing the FBAR and/or FATCA forms, willful non-filing can result in quite onerous penalties. Generally, even when in doubt, just file the forms and US treasury/IRS away. Note that under the KYC protocol, IRS/US-Treasury receives information on foreign accounts held by US persons anyways and in parallel.
For FBAR reporting you report you fill out ONLY portions that apply to your situations --- thus if own accounts jointly , you report these ONLY in section III. There is a section for each type of ownership -- Owned separately ( only by yourself ), owned jointly with others and where you have signature authority but do not operate.
Does this make sense ?
Is there more I can do for you ?
