turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

beckert1104
Returning Member

We own 4 foreign bank accounts, two of them are > 10000$. Do I need to file 2 FinCen114 for these two bank accounts or do we have to file for all of them.

Only 2 of my accounts are > 10000$. Do I need to file 2 FinCen114 forms or do we have to file for all of them, i.e. does my husband have to file as well? And how about our child ( a minor) whose foreign bank account is less than 10000$?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DS30
New Member

We own 4 foreign bank accounts, two of them are > 10000$. Do I need to file 2 FinCen114 for these two bank accounts or do we have to file for all of them.

Everyone who is a US citizen or resident and has either a financial interest in or signature authority over a foreign account must file FBARs if the total of all foreign accounts is greater than $10,000 USD for even one day. You will need to list all foreign accounts on your FBAR filing information.

Therefore, you are 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)


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies