Value of all your foreign accounts

[surbhimadan]

I transferred more than $10,000 in 2016 to foreign bank accounts but that was done for my student loan in foreign country and I never accumulated this some of money or earned interest on this. How do I add this info for my federal taxes?

[MargaretL · Accepted solution]

You do have to file form Fincen 114, if your foreign account(s) exceed $10000 at any time during 2016 - that is regardless what kind or why the money was in a foreign account.  You have to file it through the Treasury website: http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html  That form is not part of a tax return, that is why you must file it separately.

In TurboTax, once you are done with all the income, you will be asked about this and will be directed to file the form separately... then you will be asked more questions about foreign financial assets... although the bank account is considered a foreign financial asset, you don't have to file anything additional if your value is $400,000 or less. So, just answer those interview questions, you'll be "told" you don't have to do anything.