topic Does having foreign bank accounts (assets don’t exceed $10,000) restrict me to use 1040 to file return and report interest earned? I satisfy 1040EZ conditions otherwise. in Deductions & credits

Does having foreign bank accounts (assets don’t exceed $10,000) restrict me to use 1040 to file return and report interest earned? I satisfy 1040EZ conditions otherwise.

Purple-tress — Tue, 04 Jun 2019 20:19:24 GMT

I don’t need to file 8938 or FinCEN Form 114 because my combined foreign accounts don’t exceed $10,000 but TurboTax is asking me to upgrade to deluxe and file 1040. Is it really necessary to file the longer form? Because I satisfy all the 1040EZ conditions. Is it because I need to declare my foreign assets on my tax return and that can only be done on 1040?

Yes, that is correct. Because there is a disclosure requ...

CarolC — Tue, 04 Jun 2019 20:19:26 GMT

Yes, that is correct. Because there is a disclosure requirement for foreign bank accounts, this information is reported using the long Form 1040.

Here is what the IRS states:

If you have a foreign account you must report this on your tax return.

The taxpayer must disclose whether or not there is a financial interest, or signature authority over, a financial account or trust, in a foreign country. If your answer is Yes to any of these then this information is reported on Part III of Schedule B.

Schedule B can be submitted with Form 1040A as well, so w...

zhemchuzhina — Tue, 04 Jun 2019 20:19:27 GMT

Schedule B can be submitted with Form 1040A as well, so why does TuboTax require Deluxe Upgrade?