I have more than $10,000 in a foreign bank. TT says I do not have to declare the foreign assets because they are less than $400,000. Is that correct?

[jabonin]

At one point on Sked B it says that if I have more than $10,000 of assets in a foreign bank account that I must check "yes" and complete the FBAR form with FinCen. (I do have more than $10,000 in a foreign bank.) Then it asks if I live in a foreign country (I do). Then it says if I have less than $400, 000 on the last day of 2015 or more than $600,000 at any time during the year? I answered "No." so it says that based on what I said I do not have to report foreign assets . During the Smart Check it flags where I said "yes" to foreign bank accounts (because I did not go back and change it) and wants me to complete the FBAR. Which is it? Do I answer "No" to foreign accounts because they are less than $400,000 or "yes" because they are more than $10,000, and do I have to complete the FinCen form?"

I have more than $10,000 in a foreign bank. I live overseas. It says I do not have to declare the foreign assets because they are less than $400,000. Is that correct? Do I have to file FBAR with FinCen?

[Radioman0]

This is what I found at IRS site, Instructions for FORM 8938-

Reporting Thresholds Applying to Specified Individuals

Taxpayers living in the United States. If you do not live outside the United States, you satisfy the reporting threshold discussed next that applies to you and no exception applies, file Form 8938 with your income tax return.

Unmarried taxpayers. If you are not married, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

Married taxpayers filing a joint income tax return. If you are married and you and your spouse file a joint income tax return, you satisfy the reporting threshold only if the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year. 

SO THERE IS AN ISSUE WITH TURBOTAX. IT SHOULD GIVE DIFFERENT THRESHOLD LIMITS TO DIFFERNT SITUATIONS (UNMARRIED, MARRIED AND LIVING WITHIN OR LIVING OUTSIDE).

[jabonin]

Thank you for that. The question that remains is how to complete Sked B Part III, questions 7A and B if Married, joint, over $10,000 foreign assets but less than $100,000.
.

[bine22]

There are two different forms related to foreign accounts/assets. One is the FBAR FinCen 114 form which you have to file if you had $10,000 or more at one point during the year in your foreign accounts (the sum of all foreign accounts is important). This is related to the question if you had foreign accounts.

 This form is not filed with your tax return. You have to file it here: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

The other form is form 8938. This is related to foreign assets, not just accounts, and is filed with your returns, here the limits are much higher and depend on your filing status and place of residence.