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February 25, 2021
Question

The foriegn asset box keeps checking yes and its no i tried to delete in tool form 8938 but i dont have it?

  • February 25, 2021
  • 1 reply
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1 reply

February 25, 2021

To delete the form, here are the steps:

 

In TurboTax online,

  • Sign into your account, select Pick up where you left off
  • Select Tax Tools, click on the drop down arrow
  • Select Tools
  • Under Other helpful links, choose Delete a form
  • Select Delete next to the form 8938 and other worksheets about foreign account and Continue with My Return

 

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