I am a student and a resident alien in U.S. When I fill out the tax return, I select I have a foreign account. After I follow Turbotax guidance, Turbotax says that
(1) I need to file the FBAR ( FinCEN 114 form) but this form is not supported by Turbotax.
(2) but I do NOT need to report Form 8938, Statement of Specified Foreign Financial Assets (FATC), since my total assets are lower than the threshold.
When I try to file the tax return in the TurboTax free version, I get the message "To accurately complete your taxes, you need to upgrade to TurboTax Deluxe", "Why do I need to upgrade? You have a financial account in a foreign country."
Question1: If I don't need Form 8938 but only need FinCEN 114, do I need the upgrade to Deluxe to process the return? (I didn't see any Form 8938 in my Tax Tool section). The system just stops me to do anything if I don't upgrade.
Question2: Do I still need Form 8938 even though my assets are lower than the threshold?
