foreign bank account report

[svreddy666]

Hi, i have a foreign bank account (> 10,000 $) but with all the info i have provided, turbo tax says i don't need to reoport my forieng bank account.  It worked last year. Not sure what changed this year. 

[KathrynG3]

Answer Yes to the question regarding foreign bank accounts. This is done by clicking Done below your income summary page. Then, the interview will proceed and you will be asked about foreign amounts: Did you own or control a foreign bank account, trust or financial asset in 2019?

Then, report the FBAR (FinCEN 114) independently by clicking this link: BSA E-Filing System for FBAR(FinCEN 114)

You may also want to check if these forms will be required based on your circumstances: 

2019 Form 8938 filing requirements

2019 FATCA Reporting, Form 3520

[svreddy666]

I went through those questions and answered yes. Still, it is deleting the country and in 1040 I see No for foreign bank accounts.  I tried multiple times and the same. 

[LinaJ2020]

With more than $10,000, you do not need to file a Form 8938 "Statement of Specified Foreign Financial Assets", which TurboTax handles.  However, you would need to file a FinCENForm 114, which is not handled by TurboTax. Click here to file FinCENForm 114: https://bsaefiling.fincen.treas.gov/main.html

File your Form 1040 as directed and file the FinCENForm 114 from the above-attached link.   Also, see this for reference: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements