Turbotax Deluxe because of foreign account

[matteustax]

Hello,

I'm doing my 2025 tax return and Turbotax is requiring me to purchase the Deluxe version because I own a foreign bank account. I did NOT have more than $10,000 in the foreign account at any time in 2025 so I don't need any additional forms. The only thing needed in this case is to fill out Part III on Form 1040 Schedule B.

Do I really need the Deluxe version because of this even even it does NOT require any additional forms? Is this a glitch and, if so, can it be escalated to Turbotax support?

Thank you

[DaveF1006 · Accepted solution]

Yes, if you have a foreign account, it must be reported on Part 111. If you need to file a Part 111 Schedule B, you can't file it in the free version of TurboTax. You need to buy TurboTax Deluxe. 

This is in accordance with IRS regulations, explained here. It states that If" you had a financial interest in, or signature authority over, a financial account in a foreign country or you received a distribution from, or were a grantor of, or transferor to, a foreign trust. Part III of the schedule has questions about foreign accounts and trusts."