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March 22, 2021
Question

Hi, what is the price for federal+fbar filling for person not living in the us?

  • March 22, 2021
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March 22, 2021

The price for filing a federal return depends on what TurboTax program you are using. FBAR reporting is not done through TurboTax.

 

There are two separate disclosure forms that may be required of taxpayers who hold foreign financial accounts or assets; each also has different reporting rules. 

 

One is known as IRS Form 8938, and can be attached to the relevant yearly Form 1040 tax return.  The other is FinCen Form 114, which can only be filed via the internet. 

 

IRS Form 8938 is included in all paid versions of TurboTax.  This includes TurboTax online (Deluxe and up), as well as all versions of TurboTax desktop software (Basic and up).  It is not available in the Free File editions of TurboTax.

 

FinCen Form 114 is not included in TurboTax, and you would need to access that reporting webpage separately, if your foreign financial assets total over the limit(s).  FinCen Form 114 and Instructions can be found through FinCen’s BSA E-Filing System.

 

FACTA reporting requirements are met with IRS Form 8938.  FBAR reporting requirements are met with FinCen Form 114.