You don't need to report a foreign bank account if the balance never exceeded $10,000 in 2015. (I'm assuming that is the only account you have... the aggregate value of all foreign financial accounts must not exceed $10,000 at any time during the calendar year).
You do need to report the interest earned on the account balance. In Turbo Tax, report the interest "as if" you have received form 1099-INT. Just enter the bank's name and the amount of interest earned in box 1 (always in U.S. dollars).
1. Federal Taxes
2. Wages & Income
3. Interest & Dividends
4. Interest on 1099-INT
You should still complete the foreign account inter view in TurboTax. See https://ttlc.intuit.com/replies/3300501
If the balance of the account exceeded $10,000 at any one time and you were a "U.S. person", then you are required to report it on FinCEN Report 114, Report of Foreign Bank and Financial Accounts.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
FinCEN
Report 114 supersedes the previous years’ form TD F 90-22.1 and is only available online
through the BSA E-Filing System.
You don't need to report a foreign bank account if the balance never exceeded $10,000 in 2015. (I'm assuming that is the only account you have... the aggregate value of all foreign financial accounts must not exceed $10,000 at any time during the calendar year).
You do need to report the interest earned on the account balance. In Turbo Tax, report the interest "as if" you have received form 1099-INT. Just enter the bank's name and the amount of interest earned in box 1 (always in U.S. dollars).
1. Federal Taxes
2. Wages & Income
3. Interest & Dividends
4. Interest on 1099-INT
You should still complete the foreign account inter view in TurboTax. See https://ttlc.intuit.com/replies/3300501
If the balance of the account exceeded $10,000 at any one time and you were a "U.S. person", then you are required to report it on FinCEN Report 114, Report of Foreign Bank and Financial Accounts.
United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
FinCEN
Report 114 supersedes the previous years’ form TD F 90-22.1 and is only available online
through the BSA E-Filing System.