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Deductions & credits
No, you will not need to upgrade to Deluxe. In fact, here is a US Treasury website to complete your FBAR and Fin Cen requirements. Additionally, you do not need to file a 8938 if under the filing thresholds.
- Unmarried taxpayers. If you are not married, you satisfy the reporting threshold only 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.
- Married taxpayers filing a joint income tax return. If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
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‎April 4, 2022
7:17 PM