1. Yes, he will be considered as a US resident for tax purposes. He passed the Substantial Presence Test. Click here: Substantial Presence Test
2. If he has gained any interest in his bank accounts on December 31, 2020, including the foreign account, he is required to report on his return. Per requirement of FBAR, aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported. Without a Form 1099-INT, he will report as if it is reported on a Form 1099-INT. Here are the steps:
In TurboTax online,
- Sign into your account and select Pick up where you left off
- At upper right corner, in search box, type in 1099int then Enter
- Select "Jump to 1099int "
- Follow prompts
3. Yes, the TurboTax Home & Office version will support his situation.
Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS. With less than $50K balance in his foreign account, he is required to file FinCen Form 114. He will file separately fromm your Form 1040.To see the requirements and how to file, click here: 8938 vs FinCen
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