KarenJ2
Expert Alumni

After you file

Depending on the balance of your foreign bank account, you may have a reporting requirement.  You do not need to report cash you hold.

 

You potentially have two reporting requirements, The Report of Foreign Bank and Financial Accounts (FBAR) and/or Form 8938, Statement of Specified Foreign Financial Assets.

 

There are questions in TurboTax regarding your foreign accounts and the program will advise you if you have a reporting requirement.  If you do, you convert your currency to USD before filing.

 

Comparison of Form 8938 and FBAR Requirements

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