I'm a USA resident and Canadian citizen. Can TurboTax advise me on my Canadian and USA tax filing requirements like FBARS?

Forum|Forum|2 years ago
March 4, 2024
1 reply
0 views

No text available

TurboTax Online

Best answer by ThomasM125

No, TurboTax does not offer FBAR filing services. You can do that through the BSA E-filing website. However, it is not difficult, all you need to do is list your foreign investments by entering account numbers, amounts and addresses. There is no tax calculations involved with the filing. You can learn more here: BSA Efiling system

You would need to file Form 8938 Statement of Specified Foreign Financial Assets if you had a balance of $50,000 in a foreign account at the end of the year or a balance of $75,000 at any time during the year (you would double those amounts if you are filing married-joint). You can read more here: Form 8938 instructions

You would need to contact TurboTax Canada for questions relating to your Canadian tax filings, here is a link to their website:

TurboTax Canada

ThomasM125

You would need to file the US foreign bank and financial accounts report (FBAR) if you had $10,000 or more in deposits in a foreign country at any time during the year, including Canada. I cannot comment on your Canadian reporting requirements as this message board only addresses US tax issues. FBAR filing requirements

As a US citizen, you would need to file a Form 1040 and report worldwide income, assuming you met the filing requirements. You may be entitled to a credit on your US tax return for foreign taxes paid, to the extent your foreign income was taxable on your US tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"