KarenJ2
Expert Alumni

Get your taxes done using TurboTax

Form 8938 is just asking about foreign assets.  It doesn't matter whether money was transferred from the US.  You do not need to submit Form 8938 unless you had specified foreign financial assets more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. (If you are single and live in the US).  See Form 8938 Instructions for more information.

 

Yes, if you had a foreign bank account in 2019 and the balance on any one day was more than $10,000, you need to report your foreign bank.  You have to report all your foreign bank accounts even if the others did not have more than $10,000 in 2019.

 

Please see this link to file your FBAR by April 15, 2020.  Individuals Filing the Report of Foreign Bank and Financial Accounts

 

 

 

 

 

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