It depends. To adjust this answer in TurboTax Online, follow these steps:
- From the left menu, select Tax Tools
- Tools
- Topic Search
- Type Foreign accounts and trusts, questions on schedule b and click Go
- This will bring you to the section of your return: Tell us about any foreign bank accounts
If you do have a foreign bank account that held $10,000 on any day during 2019, a FBAR (FinCEN 114 ) must be submitted.
To file the FBAR, click this link for the BSA E-Filing System for FBAR(FinCEN 114)
For more details:
2019 Schedule B including Part III Question 7a Part 2
BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 11... page 10
2019 U.S. Citizens and Resident Aliens Abroad - Filing Requirements
Should I file FBAR (FinCEN 114), Form 8938, Form 3520 or all of these?
2019 IRS Comparison of Form 8938 and FBAR Requirements
2019 Form 8938 filing requirements
2019 FATCA Reporting, Form 3520
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