If at any time during the year, the total balance of all your foreign accounts was more than $10,000, you will need to complete FinCEN Form 114 (FBAR).
More info on this topic:
If at any time during the year, the total balance of all your foreign accounts was more than $10,000, you will need to complete FinCEN Form 114 (FBAR).
More info on this topic:
OK so i need to declare the foreign account while filling the return in US...Right ? is that diff than FBAR ?
Yes, the IRS asks about your foreign accounts. Go to...Deductions & Credits...Interest & Dividends...Foreign Accounts. The Fbar will be filed with the IRS not through TurboTax...see answer above.
Thanks a lot, so only declaring the foreign account in Turbo tax is not enough..right ? Is it mandatory for individual to submit the FBAR with IRS....?