- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I will suggest you to separate them into two transactions, just to be clear. However, the total amount should show on line 2b on your Form 1040 as an taxable event.
Regarding FBAR, to enter your mutual fund account value, here are the steps:
In TurboTax online,
- Sign in to your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "foreign assets" and Enter
- Select Jump to foreign assets
- Follow prompts
- On-screen, "Amounts Related to Foreign Financial Assets", enter information
If you live in the US and meet one of the following criteria, you would need to file a Form 8938.
Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 15, 2021
8:08 PM