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

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

 
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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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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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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
New Member

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

Please see my updated answer.
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