Solved: Do I need to use Deluxe to file a return with foreign bank accounts?
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basyisr0el
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

 
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FaithY
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

You will need the Deluxe version of TurboTax to file the required Form 8938 Statement of Specified Foreign Financial Assets. If the total value of your specified foreign financial assets is more than $50,000 on the last day of 2017 or more than $75,000 at any time of the year, you will need to file Form 8938 and use the Deluxe edition of TurboTax.

TurboTax does not support filing of the Report of Foreign Bank and Financial Accounts (FBAR). Click the link below to read the instructions on how to file the FBAR using "online" form.

https://bsaefiling.fincen.treas.gov/docs/FBAR_ONLINEEFILING.pdf


[Edited 2.13.18 | 3:23 PM]

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4 Replies
FaithY
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

You will need the Deluxe version of TurboTax to file the required Form 8938 Statement of Specified Foreign Financial Assets. If the total value of your specified foreign financial assets is more than $50,000 on the last day of 2017 or more than $75,000 at any time of the year, you will need to file Form 8938 and use the Deluxe edition of TurboTax.

TurboTax does not support filing of the Report of Foreign Bank and Financial Accounts (FBAR). Click the link below to read the instructions on how to file the FBAR using "online" form.

https://bsaefiling.fincen.treas.gov/docs/FBAR_ONLINEEFILING.pdf


[Edited 2.13.18 | 3:23 PM]

View solution in original post

basyisr0el
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

I understand that. My question was if I am able to complete a 1040 with a schedule B signaling foreign bank accounts with the regular edition or if that will trigger the necessity to switch to Deluxe Edition
FaithY
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

Please see my updated answer.
asdfasdf1
New Member

Do I need to use Deluxe to file a return with foreign bank accounts?

The TurboTax free edition won't let me proceed if I say yes to the question Did You Make Any Money Outside the United States? I live and work in the UK and my foreign assets are below the threshold. However all of my income and bank accounts are in the UK. Does this mean that I need premium to file from abroad? Previously I have been able to put my foreign earned income in the free version of turbotax

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