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New Member
posted Jun 7, 2019 4:44:06 PM

If I live abroad and I have a foreign bank account that has had less than 10,000 dollars for 2017, do I still need to upgrade to deluxe?

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3 Replies
Level 6
Jun 7, 2019 4:44:08 PM

Yes, if you are reporting your foreign financial account then you will need to upgrade to Deluxe.  Your tax return needs to disclose your foreign bank account even if you are not required to file other financial disclosure forms.  Not reporting this foreign account would be inaccurate.  

Here is what the IRS states:

If you have a foreign account you must report this on your tax return.  The taxpayer must disclose whether or not there is a financial interest, or signature authority over, a financial account or trust, in a foreign country.  If your answer is Yes to any of these then this information is reported in Part III of Schedule B.

New Member
Jun 7, 2019 4:44:09 PM

Thank you for the information. Am I required to upgrade my account to deluxe?

Level 6
Jun 7, 2019 4:44:11 PM

@kaylene Yes.  Since you have a foreign bank account, TurboTax is requiring you to upgrade to report this information.  The IRS says you need to disclose whether you "had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of Schedule B has questions about foreign accounts and trusts."