FBAR confusion with TurboTAX

[samurai226]

So TurboTax says I need to file an FBAR and I am trying to do that separately. But since my assets are not 200,000/300,000 USD it says I don't need to report it. I am worried since I saw a post about something with TurboTax being buggy about saying no about something on the forms. Is there anything I need to do on TurboTax to help with the FBAR?

Also when Filling the FBAR since I have only 1 bank account and not joint accounts. Do just fill out Parts 1 and 2? Or do I have to file parts 4 and 5 as well? 

Does TurboTax offer help for FBAR?

[pk]

@samurai226 , 

There are two similar but different reporting for foreign  accounts/financial assets ---- See here for a comparison of requirements -->  Comparison of Form 8938 and FBAR requirements | Internal Revenue Service

(a)  FBAR , form 114  is ONLY online  at www.FinCen.gov --- it will generally direct to a filing site  -->  

BSA E-Filing System - Welcome to the BSA E-Filing System.   TurboTax  is not involved in this.

(b) Depending on type of asset(s) you may also have to file the FATCA form 8938.  This is through TurboTax ( i.e. it is part of return for the tax year).

(c) While there is NO tax consequences as a result of filing the FBAR and/or FATCA forms, willful non-filing can result in quite onerous penalties.  Generally, even when in doubt, just file the forms  and US treasury/IRS away.  Note that under the KYC protocol, IRS/US-Treasury receives information on foreign accounts held by  US persons anyways and in parallel.

For FBAR reporting you report  you fill out ONLY portions  that apply to your situations --- thus if own  accounts jointly , you report these ONLY in section III.  There  is a section for each type of ownership --  Owned separately  ( only by yourself ),  owned jointly with others and where you have signature authority but  do not operate.

Does this make sense ?

Is there more I can do for you ? 

[samurai226]

Ok, it looks like I don't have to file form 8938 since I don't any assets that are worth $200,000 or $50,000 threshold. Which I can let TurboTax can handle that part. 

As for the FBAR, if I understand it correctly. Been reading this multiple times, since this is all new stuff. I just need to fill out the Owned Separately one. Since I do not have a joint account and I'm doing this for myself. 

Is that correct? 

Also thank you for the help. This has all become an incredibly scary thing.