Question

I filled form 8938 in turbotax online (and could enter all data after following the link from the help) but when I filed it did not include the form. What happended?

Forum|Forum|5 years ago
January 27, 2021
3 replies
0 views

No text available

TurboTax Deluxe Online

TurboTax will fil out Form 8938, Statement of Specified Foreign Financial Assets, for you and attach it to your return, if required. Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. If any of these situations apply to you, Form 8938 isn't required and would not be attached.

In addition, if you filed Form 3520, 3520-A, 5471, 8621, or 8865 in 2020, you do not need to report the same information on 8938.

Lastly, there are aggregate value thresholds that may apply. Per the IRS, you would only need to file Form 8938 if:

Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

another-tax-payerAuthor

Thank you.

The assets are foreign bank accounts -- all in the same bank. The bank is in one European country, it is not a foreign branch of a U.S. bank AFAIK. I'm a non-US Citizen but work and live in the US (so a US resident for tax purpose).

Is there a way to go back to the form 8938 in TurboTax to see it? I know I filled the form in TurboTax Online but I don't see it anywhere

LenaH

With further review of your follow-up question, Form 8938 won't be available until 2/4/2021. Therefore, it was not attached to your tax return when it was e-filed. It is possible that the IRS will reject your return. If it is not, you can amend your return as long as it accepted by the IRS; in other words, the e-file cannot be pending. Since Form 8938 is an informational form, it will not effect your tax calculation and as long as you amend the return before the deadline, there will be no penalty. Lastly, amendments are free in TurboTax.

To amend your 2020 return, please follow the directions on the How do I amend my 2020 return?

To see IRS form availability, please go to IRS forms availability.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

ajaj 11

I filled out my tax return today but could not file. Received notice that I have to wait for Form 8938 to be ready 2/25/2021. Funny thing is I submitted this form every year for a number of years in the past but do not need to submit this year. Why am I getting this notice and can I skip and efile?

S

shannonod

Could you just delete the 8938 forms from your return?

D

Dotlu

As of April 8th, 2021, this glitch is still an issue. I used aaronbeh's recommendation on page 4 of this thread.

I expanded it as follows: Do not use Search 8938, then “jump to, 8938”

INSTEAD

Go to Uncommon Tax Situations

Scroll down and click All Uncommon Situations

Then click Other Tax Forms

Then click Prepare a Report on Foreign Financial Assets and fill in as usual. In our case, because we entered no data in the interest, dividends, etc section of the form, when we did the review, it needed us to click on Part V, box 3d- No tax item reported in Part III with respect to this asset.

After entering the info for my two Foreign Accounts (the second lists out as Copy 1), and completing the section, and working our way through “skip a state”, review, etc, we were able to view the Amended Tax return in Print Center and confirm the form was created. We efiled, however, the 1040X and 8938 could also be mailed to:

Department of the Treasury

Internal Revenue Service

Austin, TX [social security number removed]

Note, if you find this out before you efile, and haven't paid yet to see Print Center, you can go to Tax Tools, Tools, Delete a form, and view the list of all the form names, (you just can't see the actual forms) and confirm you have a form 8938 in the list. (Don't hit the Delete button, of course 🙂

J

jackpot1

Hello, I am using the online version. I was finally able to get my information for Form 8938 to save after months of trying by not using the Jump to form 8938 and going through Uncommon Tax Situations. I saw the form in the print center. Hallelujah. I continued on checking my return and then went back to the print center to look at the final return again before e-filing and form 8938 disappeared! I had to re-enter all my information again since it all disappeared and was not saved. This has happened a few times to a point I am nervous as to whether TT will file correctly. Anyone else have this problem with form 8938? How do I make sure form 8938 sticks? Very frustrated with TT this year. Thank you!