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.
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.
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.
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?