Yes, apart from filing the FBAR, you may need to report the account on your tax return using Form 8938 (Statement of Specified Foreign Financial Assets) if the total value of your foreign financial assets exceeds certain thresholds1.
Here are the steps
Complete Form 8938: If the total value of your foreign financial assets exceeds $50,000 (single) or $100,000 (married filing jointly) at year-end, or $75,000/$150,000 at any point during the year, you must file Form 8938.
Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, follow these steps:
- Open or continue your return.
- Navigate to the 8938 section:
- TurboTax Online/Mobile: Go to 8938.
- TurboTax Desktop: Search for 8938 and select the Jump to link.
- On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
- Carefully follow the onscreen instructions. If you need Form 8938, we'll fill it out for you.
Note: Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a US brokerage or listed on a US exchange) or money in a foreign branch of a US bank. Form 8938 isn't required in these situations.
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