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mollymao
New Member

Do i need to check the box for "Owned or signed on a foreign bank, broker, or other financial account" if I have a foreign account with less than US $2000?

I see that there's a threshold for filling of Form 8938 (FATCA) or FBAR, what is the threshold for each of FATCA or FBAR.  If i am within the threshold, do i still need to check the box for "Owned or signed on a foreign bank, broker, or other financial account" on the miscellaneous investment section?
3 Replies
Molly-Pitcher
New Member

Do i need to check the box for "Owned or signed on a foreign bank, broker, or other financial account" if I have a foreign account with less than US $2000?

If you answer "yes," the next question is about a 10k threshold, to which you can answer "no." Then it'll say you can skip the FBAR. So either way, you're good.
amitdey789
New Member

Do i need to check the box for "Owned or signed on a foreign bank, broker, or other financial account" if I have a foreign account with less than US $2000?

Now the turbotax website sasys buy the Deluxe edition with $40, even if you select you do not have more than $10,000 at any point of time in foreign account.

 

As the turbotax person said, it should ask to skip FBAR if less than $10,000. But its NOT and recommends that we buy $40 turbo tax package for tax filing

Irene2805
Expert Alumni

Do i need to check the box for "Owned or signed on a foreign bank, broker, or other financial account" if I have a foreign account with less than US $2000?

Instead of upgrading to Deluxe, you may wish to see if you qualify for IRS Free File. Click here for more information:  What is the IRS Free File Program delivered by TurboTax

 

@amitdey789

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