I don’t need to file 8938 or FinCEN Form 114 because my combined foreign accounts don’t exceed $10,000 but TurboTax is asking me to upgrade to deluxe and file 1040. Is it really necessary to file the longer form? Because I satisfy all the 1040EZ conditions. Is it because I need to declare my foreign assets on my tax return and that can only be done on 1040?
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Yes, that is correct. Because there is a disclosure requirement for foreign bank accounts, this information is reported using the long Form 1040.
Yes, that is correct. Because there is a disclosure requirement for foreign bank accounts, this information is reported using the long Form 1040.
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