Yes, there is reporting requirement for foreign accounts even if the balance at any time during the year was less than $10,000. It is reported by a checked box on Schedule B.
You need to say "yes" or check the box when the program asks if you had "Owned or signed on a foreign bank, broker, or other financial account." If at any time during tax year you did not have equivalent of $10,000 or more on your bank account(s), then there will be no additional filing requirements. But if you do have additional foreign bank/asset required reporting to do, TurboTax will walk you through and suggest the next step.
If TurboTax doesn't prompt you for foreign account information, go to: Federal Taxes (Personal in Home & Business version) - Wages & Income - under the section Interest and Dividends start the interview for 1099-OID, Foreign Accounts.
You can also read more about it here: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial...
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