Hi,
I have been living in the USA for more than 5 calendar years and am considered a resident now.
I have never worked in the USA and have no income.
In this case, do I still have to report taxes using TurboTax? Or what should I do in this case?
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If you received no taxable income of any kind in 2023 then there is no need to file a 2023 tax return.
What about FBAR? If I have an account that has more than $10k in other country (Not in the USA), do I have to report it through turbotax? Or I just do not need to do anything.
@nick995 wrote:
What about FBAR? If I have an account that has more than $10k in other country (Not in the USA), do I have to report it through turbotax? Or I just do not need to do anything.
If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold.
See IRS Form 8938 instructions under Who Must File - https://www.irs.gov/pub/irs-pdf/i8938.pdf
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