Maybe.
The following situations will determine if you are required to file a form to
report the $20,000 that was transferred to Korea.
The
website that you referenced pertains to foreign bank accounts. A Form 114, Report of Foreign Bank and Financial
Accounts (FBAR) is only required if the total amount transferred is
more than $10,000 in a calendar year. The purpose of the form is to prevent
money laundering.
You indicated that you do not have a foreign bank
account; therefore, the Form 114 does not apply to you. But, if you have
signature authority over the foreign entity's financial account, then you will
have to prepare the Form 114 to report the $20,000 transfer. The form cannot be
filed with a tax return. It must be filed electronically through the Internal Revenue Service (IRS) BSA E-Filing System. The IRS does not provide a paper copy of the form.
If a person or entity transfers property (including cash)
to a foreign corporation, then they will have to complete a Form 926, Return
by a U.S. Transferor of Property to a Foreign Corporation. The transfer amount has to be $100,000 or more. It
appears the Form 926 is not applicable to your stated situation.
If
a person has a specified interest in a foreign
asset such as a:
- Savings, deposit,
checking, and brokerage accounts held with a bank or broker-dealer
- A partnership
interest in a foreign partnership;
- An interest in a
foreign retirement plan or deferred compensation plan;
- An interest in a
foreign estate; etc.
(the list is not all inclusive) then they will file a Form
8938, Statement of Foreign Financial Assets if
they are required to file an income tax return, and they meet the Form 8938
filing status threshold, (e.g., for unmarried filers - $50,000 worth of assets at the end of the year,
or $75,000 worth of assets during the calendar year.
If
your investment was not worth the threshold amount(s), then you are not
required to submit a Form 8938. However, if your investment is considered a
specified interest in a foreign asset (refer to the link that I have provided),
and it was worth the threshold amount(s) for your filing status, then you
will need to submit the Form 8938.
TurboTax
does not support the Form 8938. You will need to prepare it outside of
TurboTax and attached it to a paper filed return.
