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?
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.
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
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