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MC1975
New Member

FBAR requirement for having foreign bank account > 10k but less than 100k

I have transferred more than 10K into a bank account Overseas during 2016 which is owned by me. While filing the return using TurboTax, it states that since total value is less than 100K, there is no need to file FBAR.

I am confused. Whether I should file FBAR or not? Plz suggest
1 Best answer

Accepted Solutions
ChristinaS
New Member

FBAR requirement for having foreign bank account > 10k but less than 100k

The 100k message does not relate to the Fbar- it relates to Form 8938. You don't need to file Form 8938, but you definitely need to file the Fbar.

The Form 8938 questions are here:

  • Federal Taxes- Other Tax Situations
  • Other Tax Forms- Miscellaneous Tax Forms
  • Prepare a report on foreign financial assets

(These questions do not relate to the FBar)

The FBar questions are here:

  • Federal Taxes- Wages and Income
  • Interest and Dividends
  • 1099-OID, Foreign Accounts
  • check "Owned or signed on a foreign bank, broker, or other financial account"
  • then check "I had a bank, broker, or other financial account in a foreign country."
  • When you indicate that you have more than 10k, the appropriate box will be checked on your Schedule B

Unlike the Form 8938, the FBar is separate from your tax return, and not done through Turbo Tax. Just make sure you follow the instruction we provide.


View solution in original post

1 Reply
ChristinaS
New Member

FBAR requirement for having foreign bank account > 10k but less than 100k

The 100k message does not relate to the Fbar- it relates to Form 8938. You don't need to file Form 8938, but you definitely need to file the Fbar.

The Form 8938 questions are here:

  • Federal Taxes- Other Tax Situations
  • Other Tax Forms- Miscellaneous Tax Forms
  • Prepare a report on foreign financial assets

(These questions do not relate to the FBar)

The FBar questions are here:

  • Federal Taxes- Wages and Income
  • Interest and Dividends
  • 1099-OID, Foreign Accounts
  • check "Owned or signed on a foreign bank, broker, or other financial account"
  • then check "I had a bank, broker, or other financial account in a foreign country."
  • When you indicate that you have more than 10k, the appropriate box will be checked on your Schedule B

Unlike the Form 8938, the FBar is separate from your tax return, and not done through Turbo Tax. Just make sure you follow the instruction we provide.


View solution in original post

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