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March 21, 2021
Question

Why are my foreign financial accounts completed missing

  • March 21, 2021
  • 1 reply
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why are my foreign financial accounts completed missing?

1 reply

March 27, 2021

Please check your entries. 

 

In TurboTax online,

  • Sign in to your TurboTax account and select Pick up where you left off
  • At the right upper corner, in the search box, type in "foreign assets" and Enter
  • Select Jump to foreign assets
  • On screen, " Foreign Financial Assets", select Yes, I have foreign financial assets and No to living in foreign country
  • Next screen, "About the Amount of Your Foreign Financial Assets", select Yes to total value is more than $50,000 or 75,000
  • Follow prompt
  • Next screen, "Amounts Related to Foreign Financial Assets", enter your amounts
  • Follow prompts
  • Next screen, " Do You Have a Foreign Financial Account to Report?", select Yes
  • Follow prompts

If you live in the US and meet one of the following criteria, you would need to file a Form 8938.  

  • Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
  • Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements