Turbo tax online filing when foreign assets > USD 50k

[johnZ898989]

I noticed that during the turbo tax questionnaire, if I entered foreign assets greater than USD 50k, I get asked to mail the paper version of TurboTax and can no longer file online. Can you please let me know why, and whether there is any workaround? I will be having foreign assets greater than 50k due to a gift next year and I'm concerned that TurboTax will not work for me.

[DanPaul02 · Accepted solution]

Having foreign assets greater than $50K will invoke one or more of forms that will prevent you from e-filing with TurboTax.

The following forms are not included in TurboTax.  These forms must be obtained from the IRS, completed manually, and mailed in with your return.  

• Form 3520
• Form 3520-A
• Form 5471
• Form 8621
• Form 8865
  
  
  

[johnZ898989]

Thank you very much for your answer.  And a follow up question, I looked at these forms and see this:

Form 3520 = foreign trust
Form 3520-A = foreign trust
Form 5471 = foreign corporations
Form 8621 = foreign mutual funds
Form 8865 = foreign partnerships

I have only foreign bank accounts, and a few share holdings (no mutual funds and no trusts), so none of these would be applicable to me. Is there another Turbo Tax product I can use so that I can file online next year?