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Get your taxes done using TurboTax
You are referring to Form 8938. you do not need to file this form unless you have specified foreign financial assets over a certain threshold. See the threshold for single living in the US below. I don't think you need to file this form. You do not need to complete the part about the schedule and line unless your assets are more than the following.
Unmarried taxpayers. If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
You do not need to explain the $105,000 in your foreign account.
The FBAR is only to report your foreign bank account. You must keep records for each account that you report on an FBAR.
- Name on the account,
- Account number,
- Name and address of the foreign bank,
- Type of account, and
- Maximum value during the year.
Comparison of Form 8938 and FBAR Requirements.
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