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!

[7hky432]

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!

[DaveF1006 · Accepted solution]

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.

[7hky432]

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