US citizens, residents, and entities (including corporations and partnerships) are required to file a FinCen 114 (Report of Foreign Bank and Financial Accounts [FBAR]) form if they had a financial interest in (or signature authority over) at least one foreign financial account and the total value of all foreign accounts exceeded $10,000 at any time during the calendar year.
An FBAR is separate from your tax return. It can only be filed through the government's BSA E-filing System Website. You don't need to include this with your taxes, but you do need to submit it by April 15, 2024.
Also, you must indicate on your tax return whether at any time during the year you had a foreign financial asset. Here’s how to do it in TurboTax:
- With your return open, go to Federal (or Federal Taxes) > Income & Expenses (or Personal > Personal Income if using Home & Business).
- Scroll to the Interest and Dividends section and start or revisit 1099-OID, Foreign Accounts.
- Answer the questions on the Miscellaneous Investment Income screen.
You may also be required to file Form 8938 (Statement of Specified Foreign Financial Assets). We'll ask and fill it out if you need it.
The IRS explains more about Form 8938.