Question

Question for owning foreign bank account

Forum|Forum|7 years ago
June 4, 2019
1 reply
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I had few old bank accounts in Korea when I was working in the U.S.. I sure there were almost no money in those accounts. But I made Citibank account from Korea and used its credit card in the States. Do I need to say Yes to the question "Did you own or control a foreign bank account in 2016?" section? Please let me know.

TurboTax Free Edition Online

T

ToddL

Employee

Check "Yes" to be safe. You will have a few more questions, but unless the aggregate balances exceeded $10,000, there won't be any effect on your taxes or financial reporting requirements.

See the attached screenshot with the final summary.