Yes, it is considered a foreign asset to be reported. You may have two reporting requirements if the balance on the account exceeds certain thresholds.
- If your account balance exceeds $10,000 at any time during the calendar year, there's a FBAR report that needs to be filed. You may report this here.
- Additionally, you may need to report a 8938 in your return:
- If the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year if you are filing Single.
- Or if you are married, these thresholds raise to $100,000/$150,000 respectively.
TurboTax will ask you these questions. If you meet these limits, TurboTax will create a 8938 for you to fill out and submit with your return.
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