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As you correctly note in your question, there are two separate disclosure forms that may be required of taxpayers who hold foreign financial accounts or assets; each also has different reporting rules. One is known as IRS Form 8938, and can be attached to the relevant yearly Form 1040 tax return. The other is FinCen Form 114, which can only be filed via the internet. The following Internal Revenue Service webpage describes them in some detail, and provides their dollar value reporting levels:
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
In direct response to your question, IRS Form 8938 is included in
all paid versions of TurboTax. This includes TurboTax online (Deluxe and up), as well as all versions of TurboTax desktop software (Basic and up). It is not available in the Free File editions of TurboTax.
FinCen Form 114 is not included in TurboTax, and you would need to access that reporting webpage separately, if your foreign financial assets total over the limit(s). Note that you can get to the FinCen reporting internet site directly through the above IRS link.
FACTA reporting requirements are met with IRS Form 8938. FBAR reporting requirements are met with FinCen Form 114.
Thank you for asking this important question.
As you correctly note in your question, there are two separate disclosure forms that may be required of taxpayers who hold foreign financial accounts or assets; each also has different reporting rules. One is known as IRS Form 8938, and can be attached to the relevant yearly Form 1040 tax return. The other is FinCen Form 114, which can only be filed via the internet. The following Internal Revenue Service webpage describes them in some detail, and provides their dollar value reporting levels:
https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
In direct response to your question, IRS Form 8938 is included in
all paid versions of TurboTax. This includes TurboTax online (Deluxe and up), as well as all versions of TurboTax desktop software (Basic and up). It is not available in the Free File editions of TurboTax.
FinCen Form 114 is not included in TurboTax, and you would need to access that reporting webpage separately, if your foreign financial assets total over the limit(s). Note that you can get to the FinCen reporting internet site directly through the above IRS link.
FACTA reporting requirements are met with IRS Form 8938. FBAR reporting requirements are met with FinCen Form 114.
Thank you for asking this important question.
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