Question

Related to Amts Foreign Financial Assets in Turbo Tax. Husband received greencard on 5/23. Bank abroad collected no interest etc. and 0 at 12/23 what to include on form?

Forum|Forum|2 years ago
April 15, 2024
1 reply
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Bank account was just regular checking account and at 12/23 all monies were transferred to US account. Confused as is the "Amounts related to Foreign Financial Assets is the 8938 form. Want to avoid penalty as much as possible.

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DaveF1006

If the bank balance exceeded $150,000 at any time during the tax year, there is a 8938 reporting requirement. If the amount exceeded $150,000 at any time during the tax year, then you would report that amount as an amount related to Foreign Financial Assets.

Keep in mind, there is also a FBAR reporting requirement if the amount of that account exceeded $10,000 during the year. You would report this to the US Treasury Dept here.

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