topic Re: closed bank account on fbar and 8938 in Get your taxes done using TurboTax

closed bank account on fbar and 8938

JHH123 — Wed, 11 Feb 2026 09:42:19 GMT

One quick question for my friend. If one oversea bank account was closed on 2022, does she need to report it on 2023 fbar and 8938 in 2024? I assume no need.

Thanks,

Re: closed bank account on fbar and 8938

JHH123 — Wed, 15 May 2024 14:53:41 GMT

anyone can help this question? @DaveF1006 @Hal_Al @pk1 @Leticia

Re: closed bank account on fbar and 8938

JotikaT2 — Thu, 16 May 2024 19:35:49 GMT

If the foreign bank account was closed for all of 2023 and there were no other foreign accounts with values exceeding $10,000 during the taxable year, then you would not need to file an FBAR report for 2023.

Form 8938 is only required to be filed if you own a foreign financial asset that is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year. If you do not meet this requirement, then you would not be required to file Form 8938 for 2023 either.

Re: closed bank account on fbar and 8938

JHH123 — Sat, 18 May 2024 07:44:57 GMT

thanks. Jotika. If we say account A was closed in 2022 and if the guy still needs to fill in 8938 and fbar for other accounts in the tax year of 2023 , I assume account A doesnt need to be reported in the tax year of 2023, right?

Re: closed bank account on fbar and 8938

JotikaT2 — Mon, 20 May 2024 21:44:57 GMT

The forms would only be completed based upon the requirements provided above. If account A does not have anything in it at all during 2023 and is totally closed, you would have no have anything to report on the FBAR or Form 8938 for that specific account.

Re: closed bank account on fbar and 8938

JHH123 — Wed, 22 May 2024 14:00:51 GMT

thanks