Turbo Tax will ask you if you have foreign accounts. If you answer 'yes,' it will bring you to the place where you answer questions to complete Form 8938 (FATCA). You can find the form by searching for it on the Federal tab.
Please keep in mind, you may also need to file another FinCEN Form 114 if you are required to file the 8938.
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.
FBAR and FATCA are two separate reporting events filed in two separate places.
FBAR - Report of Foreign Bank and Financial Accounts (FinCEN Form 114)
A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The name of the form to file If you have any questions or require technical assistance using the BSA E-Filing system, you may call them at 866-270-0733; or if calling from outside the United States, 313-234-6146.
Report of Foreign Bank and Financial Accounts (FBAR)
Foreign Accounts Tax Compliance Act (FATCA)
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The IRS receives information about foreign assets on form 8938 on your federal tax return.
You must file the FBAR electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. You don’t file the FBAR with your federal tax return.
Here is an IRS article that explains the comparison between FATCA and FBAR requirements.
