, Answering FAQ'sTurboTax Employee
Foreign account reporting prior to 2013
Prior to 2013, if you had a financial interest in (or authority over) any foreign financial accounts or holdings whose combined total value exceeded $10,000 at any time during the tax year, you are required to file Form TD F 90-22.1: Report of Foreign Bank and Financial Accounts (FBAR) with the Department of Treasury. The form is filed separately from your tax return and is mailed to the Department of Treasury by June 30th of the following year.
For tax years prior to 2013, here's how to complete Form TD F 90-22.1:
- Open your 2012 (or earlier) tax return in TurboTax.
- Select Federal Taxes (Personal in the Home & Business edition),
- Click Other Tax Situations.
- At the bottom in the Other Tax Forms section, click Start/Update next to Miscellaneous Tax forms.
- Select Prepare a report on foreign bank and financial accounts and click Start/Update.
- Follow the on-screen instructions.
Foreign account reporting for 2013 and later
If you have any foreign accounts or trusts, you are required to disclose it in Part III of Schedule B. You may be required to file U. S. Treasury Department Form FinCEN 114, Report of Foreign Bank and Financial Accounts (FBAR). This form replaces form TD F 90-22.1, is not available in TurboTax or from the IRS, and is not filed with your tax return.
FinCEN Form 114 must be obtained from the Bank Secrecy Act's Financial Crimes enforcement Network and filed electronically on their website.
For additional information, refer to these websites:
- IRS: Report of Foreign Bank and Financial Accounts (FBAR)
- IRS: Telephone Numbers for FBAR and Title 31 help
- Bank Secrecy Act E-Filing system
- How do I report foreign income?
- Form 1116, Foreign Tax Credit
- Form 2555, Foreign Earned Income Exclusion
- Form 8938, Statement of Specified Foreign Financial Assets