I have a foreign account 1 with balance let's say 300k. I opened a new account # 2 and transferred 200k to it from account #1. Balance in account#1 is 100k and balance in account#2 is 200k. I report maximum value for each individual account (i.e. 300k for account #1 and 200k for account #2). The total maximum amount for both account at any given time is still 300k However, in form 8938 part 1 line 2, Turbotax is reporting 500k (adding the maximums of both accounts 200k+300k). Is the 500k is supposed to be reported? Is turbotax interpreting this correctly by adding the maximums or this is an error? Thanks
