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dianneekeji
New Member

Hi, i have a foreign bank account but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account

 
4 Replies
DawnC0
Intuit Alumni

Hi, i have a foreign bank account but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account

You can continue through the interview.  You only need to file an FBAR if all your foreign accounts added together were over $10,000 on any day during the year.  Make sure that you report any foreign interest or tax paid if applicable.  

According to the federal government:

If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

svreddy666
Level 2

Hi, i have a foreign bank account but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account

I'm having the same problem. I went through questions and mentioned that I have more than 10,000 dollars in a foreign bank. TurboTax still reports No on 1040.  It worked last year.  Not sure what is going on. 

LinaJ2020
Expert Alumni

Hi, i have a foreign bank account but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account

It is because, with more than $10,000, you do not need to file a Form 8938 "Statement of Specified Foreign Financial Assets", which TurboTax handles.  That's why TurboTax reports "No" on your Form 1040.

 

However, you would need to file a FinCENForm 114, which is not handled by TurboTax. Click here to file FinCENForm 114: https://bsaefiling.fincen.treas.gov/main.html

 

File your Form 1040 as directed and file the FinCENForm 114 from the above-attached link.   Also, see this for reference: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

 

@​​​​​​svreddy666

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TheWastedProductivityOfUSA
New Member

Hi, i have a foreign bank account but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account

I had the same problem. No matter what I tried, I couldn't get the online edition to select "Yes" for Part III Line 7a–Question 1 (and then "No" for Question 2, in my case). The software seems to have a bug. Despite what the poster above says, it seems, in my non-professional opinion, that you should disclose whether you have a financial interest in a foreign bank account (per the 1040 instructions), regardless of it's value (per the definition of "financial interest"). Just because it's low value doesn't mean you don't have a financial interest. However, you may or may not need to file other forms, depending on it's value. Again, just my opinion, and please ask a tax attorney for actual advice.

 

Anyway, I managed to get Turbotax to select the right boxes by playing about with each screen, then exiting the walkthrough/interview before completing the whole section. Don't finish the interview or it will reset your answers to "No" (assuming you have less than $10k/100k, as applicable). I can't remember the exact sequence, but I would select a box, move on to the next screen, then click the "Tools" to view/print my return.  Each time, I'd check to see what changed in Schedule B Part III of the actual form. Hope this helps someone (avoid perjuring themselves!).

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