It depends. If you are a US Citizen or US resident for tax purposes and filing a US tax return, you must report overseas bank accounts that your name is on or you have the ability to withdraw money from, even if you are not the one taking money out of it, if at any time during the year, the account has more than $10,000 in it. To file a FBAR (Report of Foreign Bank and Financial Accounts form) you will need to do it the the government website, this cannot be done through TurboTax.
Depending on your exact situation you may also need to file form 8938. You can do this in TurboTax by selecting the following:
- Federal
- Income
- Interest and Dividends
- Start next to 1099-OID, Foreign Accounts
- Miscellaneous Investment Income
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