Maybe.
If the total value of your foreign financial accounts, such as bank accounts, exceeds $10,000 during the calendar year, you'd still need to file a Form 114. TurboTax can now file these reports, however you can also file directly with FinCEN.
You'll need to file a Form 8938 if the value of your foreign financial accounts exceeds $50,000 on December 31 (or $100,000 if married filing jointly) or $75,000 ($150,000 if married filing jointly) at any point during the year. This form is filed with your tax return. Even if you aren't required to file a Form 8938 with the IRS, you may still be required to file Form 114 with FinCEN.
For more information, please see:
- Report of Foreign Bank and Financial Accounts
- Instructions for Form 8938
- How do I file an FBAR report (FinCEN 114)?
[Edited 1/22/25 at 3:18pm PST]
