Hello, I have completed the tax submission using TurboTax (Desktop Premier version) but I realized that FBAR needs to be submitted separately.
As I wanted to make sure, I consulted to tax accountant and after reviewing the submitted tax report prepared using TurboTax, I was advised that FBAR may be already submitted as Form 8938 are included and recommended to check if it was submitted or not by TurboTax.
Can someone confirm whether FBAR should be prepared and submitted already or should I submit it separately ?
Thank you for your help in advance.
It depends on the value of the foreign assets on how they are to be reported. If you are required to file a Form 8938 it should be included in the the tax return you file. The Form 8938 is supported by TurboTax.
Go to this IRS website for a comparison between a Form 8938 and FBAR requirements (FinCEN Form 114) - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements