Confused about schedule B in state tax regarding foreign deposits

[dalibella]

I am confused about schedule B in California tax return. During 2024 I had about 10000 euros in a post office savings acct in Italy. I know that I don't have to file form FinCen 114 (I have less than $50000) and maybe I do have to file FBAR. Turbo tax says I should not fill in 7a, but do I have to fill out 7b? I am confused. thanks for the help Dali

[DaveF1006 · Accepted solution]

Yes, if your foreign account balance exceeds $10,000 USD at any time during the calendar year., you must file an FBAR. The $50K is a FATCA filing report reported on a 8938.  This you do not need to file. As an FYI, $10,000 Euros translates to approximately $10,822 USD so you do have a FBAR reporting requirement based on this fact.

Regarding Schedule B. You would check Box 7A because you do have a foreign Bank Account and also you would check yes to the second part of that question because you you have a FinCen114 (FBAR) filing requirement. Then you would need to complete part B to let California know where your account is located.

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[dalibella]

Thank you very much. Have a good day

Dali