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Have foreign account, never went $10,000. Do I need to declare something? TurboTax asking Deluxe, what it will declare? should I go back & choose no account. 2018 jointly

Forum|Forum|7 years ago
June 3, 2019
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Marriage filing jointly 2018, I have foreign bank join account with spouse (regular checking or saving), never went above $10,000 threshold.

Do I need to file something like Form 8938 or FBAR?

TurboTax asking Deluxe, what it will declare? if declaration not required. Will it declare account with no declarable amount ?

Is it safe to go back & choose no foreign account, to fix deluxe requirement, I am not sure, if it will miss some tax requirement and may end up in plenty ?

Total US income less then standard deduction. Filing for other reasons.

TurboTax Free Edition Online

Best answer by DanaB27

If you have a foreign account you will have to file Schedule B part III (which is not included in TurboTax Free Edition) to answer the question that you had a foreign account. If the foreign account was below $10,000 you will not have to file Form 8938 or FBAR.

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DanaB27Answer

If you have a foreign account you will have to file Schedule B part III (which is not included in TurboTax Free Edition) to answer the question that you had a foreign account. If the foreign account was below $10,000 you will not have to file Form 8938 or FBAR.

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smali29Author

Thank you for immediate response.
You mean foreign account must be declare in Schedule B part III as per IRS requirement, regardless its below threshold level and declaration not required? And we should not miss that part ?

Or this is extra optional step Turbo tax will perform ?