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Turbo tax online filing when foreign assets > USD 50k
I noticed that during the turbo tax questionnaire, if I entered foreign assets greater than USD 50k, I get asked to mail the paper version of TurboTax and can no longer file online. Can you please let me know why, and whether there is any workaround? I will be having foreign assets greater than 50k due to a gift next year and I'm concerned that TurboTax will not work for me.
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Get your taxes done using TurboTax
Having foreign assets greater than $50K will invoke one or more of forms that will prevent you from e-filing with TurboTax.
The following forms are not included in TurboTax. These forms must be obtained from the IRS, completed manually, and mailed in with your return.
- Form 3520
- Form 3520-A
- Form 5471
- Form 8621
- Form 8865
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Get your taxes done using TurboTax
Thank you very much for your answer. And a follow up question, I looked at these forms and see this:
Form 3520 = foreign trust
Form 3520-A = foreign trust
Form 5471 = foreign corporations
Form 8621 = foreign mutual funds
Form 8865 = foreign partnerships
I have only foreign bank accounts, and a few share holdings (no mutual funds and no trusts), so none of these would be applicable to me. Is there another Turbo Tax product I can use so that I can file online next year?