TurboTax does not currently provide the ability to file FinCEN (US Treasury's Financial Crimes Enforcement Network) or BOI (Beneficial Ownership Information Report) with the US Department of the Treasury through TurboTax software.
FACTA (Foreign Account Tax Compliance Act) is a requirement that foreign financial institutions report on the foreign assets held by US account holders or be subject to withholding on withholding on withholdable payments. FATCA requires US taxpayers who have foreign financial assets in excess of the reporting threshhold (at least $50,000 as of today) to report information about those assets on Form 8938.
Form 8939 can be prepared in TurboTax Deluxe or higher versions.
You may have to file other reports about foreign assets, since Form 8938 does not relieve filers of FBAR (Report of Foreign Bank and Financial Accounts, FinCEN Form 114) filing requirements. These forms are not currently included in TurboTax.
Here are links to the Department of the Treasury's guidance for reporting requirements on:
FBAR
FATCA reporting for US taxpayers
Currently, you must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
For an international tax expert who can provide guidance on these regulations for both federal and state, try one of our TurboTax Verified Pros.
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