Difference between Foreign account questions that Turbotax asks?

Forum|Forum|2 years ago
March 30, 2024
2 replies
8 views

What is the difference between following 2 questions that Turbotax asks?

We do have bank accounts and Fixed Deposits accounts in India. So, I think answer to first question would be "Yes" but for question 2, I don't understand what do we mean by "own or control"?

Please help explain the difference between 2 questions.

TurboTax Premier Online

MarilynG

Level 15

TurboTax is trying to determine whether you need to file Form 8938, Statement of Specified Foreign Financial Assets, or FinCEN Form 114 (or both).

Click this link for a Comparison of Form 8938 and FBAR Requirements.

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shubham-123Author

Level 4

Thanks.

But what is the difference between 2 questions that are asked?

SusanY1

Level 15

The first question is primarily concerned with your personal, individual accounts. The second question (referring to own or control) is generally meant for individuals who may have ownership interest or control in corporate bank accounts. For example, if you are a director of a foreign company and you are listed as someone who can sign or make other transactions, but your name may not be on the title of the account, that would be an account that you "control", which is required to be reported.

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shubham-123Author

Level 4

Thanks

I think for me, answer to 2nd question is NO. I already answered it as YES but not file my taxes. How can I change the answer to NO. I don't see any way to see the questions again in Turbotax?

DianeW777

Level 15

The questions appear immediately after the income section of your tax return. Select Wages & Income then scroll to the bottom of the page to select 'Continue', keep going until you see the question again. Here you can change your answer about a foreign bank or trust.