I am confused. Whether I should file FBAR or not? Plz suggest
The 100k message does not relate to the Fbar- it relates to Form 8938. You don't need to file Form 8938, but you definitely need to file the Fbar.
The Form 8938 questions are here:
- Federal Taxes- Other Tax Situations
- Other Tax Forms- Miscellaneous Tax Forms
- Prepare a report on foreign financial assets
(These questions do not relate to the FBar)
The FBar questions are here:
- Federal Taxes- Wages and Income
- Interest and Dividends
- 1099-OID, Foreign Accounts
- check "Owned or signed on a foreign bank, broker, or other financial account"
- then check "I had a bank, broker, or other financial account in a foreign country."
- When you indicate that you have more than 10k, the appropriate box will be checked on your Schedule B
Unlike the Form 8938, the FBar is separate from your tax return, and not done through Turbo Tax. Just make sure you follow the instruction we provide.