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To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.
Although Form 8938 provides that information reported on certain other foreign asset reporting forms\u2014such as Form 3520 (for reporting interests in foreign trusts, gifts, and estates) and Form 5471 (for reporting interests in foreign corporations)\u2014does not need to be repeated on Form 8938, there is no such exception for ...
Information return penalties: Where a taxpayer must file a Form 8938, disclosing his or her interest in "specified foreign financial assets," fails to do so for any tax year, the taxpayer is subject to a penalty of $10,000.
Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.
Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer's annual income tax return.

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Unless an exception applies, you must file Form 8938 if you are a specified person (see Specified Person, later) that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.
You must file Form 8938 if: You are a specified person (either a specified individual or a specified domestic entity). ... You have an interest in specified foreign financial assets required to be reported.
In direct response to your question, 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.
To get to the 8938 section in TurboTax (requires Deluxe or higher): Open or continue your return if you're not already in it. Search for 8938 and select the Jump to link at the top of the search results. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
Although Form 8938 provides that information reported on certain other foreign asset reporting forms\u2014such as Form 3520 (for reporting interests in foreign trusts, gifts, and estates) and Form 5471 (for reporting interests in foreign corporations)\u2014does not need to be repeated on Form 8938, there is no such exception for ...

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