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.

closed bank account on fbar and 8938

Hi 

 

One quick question for my friend. If one oversea bank account was closed on 2022, does she need to report it on 2023 fbar and 8938  in 2024? I assume no need. 

 

Thanks,

 

J

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.

5 Replies

closed bank account on fbar and 8938

anyone can help this question? @DaveF1006  @Hal_Al @pk1 @Leticia 

JotikaT2
Employee Tax Expert

closed bank account on fbar and 8938

If the foreign bank account was closed for all of 2023 and there were no other foreign accounts with values exceeding $10,000 during the taxable year, then you would not need to file an FBAR report for 2023.

 

Form 8938 is only required to be filed if you own a foreign financial asset that 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.  If you do not meet this requirement, then you would not be required to file Form 8938 for 2023 either.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

closed bank account on fbar and 8938

thanks. Jotika. If we say account A was closed in 2022 and if the guy still needs to fill in 8938 and fbar for other accounts in the tax year of 2023 ,  I assume account A doesnt need to be reported in the tax year of 2023, right?

 

JotikaT2
Employee Tax Expert

closed bank account on fbar and 8938

The forms would only be completed based upon the requirements provided above.  If account A does not have anything in it at all during 2023 and is totally closed, you would have no have anything to report on the FBAR or Form 8938 for that specific account.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

closed bank account on fbar and 8938

thanks

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies