Solved: Hello! When I try to enter $102,000 US as my forei...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
7hky432
New Member

Hello! When I try to enter $102,000 US as my foreign bank account balance (Income section), it says max balance of $99,999.9999. Is there a workaround? Thanks!

It seems I can only use Turbotax if I have less than $100,000 in a foreign account. That doesn't seem right. I'm wondering if that is an error.
Has anyone encountered this, and if so, any solutions?
Thanks so much!
1 Best answer

Accepted Solutions
DaveF1006
Employee Tax Expert

Hello! When I try to enter $102,000 US as my foreign bank account balance (Income section), it says max balance of $99,999.9999. Is there a workaround? Thanks!

It depends. To clarify, you would not enter $102,000 in the income section if this is a foreign bank balance. This would be entered on a 8938 as a foreign asset, not as income, which is separate reporting form to inform the IRS you have foreign assets.

 

If you entered as income, remove it. Then go to the search bar with the magnifying glass in your return and type in 8938 and press enter. then select the jump to 8938 link and begin reporting your foreign assets. This is strictly informational but is required. Please review these IRS instructions for more information about what to report in this form.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
DaveF1006
Employee Tax Expert

Hello! When I try to enter $102,000 US as my foreign bank account balance (Income section), it says max balance of $99,999.9999. Is there a workaround? Thanks!

It depends. To clarify, you would not enter $102,000 in the income section if this is a foreign bank balance. This would be entered on a 8938 as a foreign asset, not as income, which is separate reporting form to inform the IRS you have foreign assets.

 

If you entered as income, remove it. Then go to the search bar with the magnifying glass in your return and type in 8938 and press enter. then select the jump to 8938 link and begin reporting your foreign assets. This is strictly informational but is required. Please review these IRS instructions for more information about what to report in this form.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

7hky432
New Member

Hello! When I try to enter $102,000 US as my foreign bank account balance (Income section), it says max balance of $99,999.9999. Is there a workaround? Thanks!

Thanks so much, Dave! I now see my error. Thanks for your help!

Dynamic AdsDynamic Ads
v
Privacy Settings