Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
johnZ898989
Level 2

Turbo tax online filing when foreign assets > USD 50k

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.

1 Best answer

Accepted Solutions
DanPaul02
Level 7

Turbo tax online filing when foreign assets > USD 50k

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


View solution in original post

2 Replies
DanPaul02
Level 7

Turbo tax online filing when foreign assets > USD 50k

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
Level 2

Turbo tax online filing when foreign assets > USD 50k

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?

 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v