Question

If I have a foreign bank account that only has RRSP and LIRA in it and I have not taken anything out of it does it still need to be declared on form 8938?

Forum|Forum|2 years ago
March 29, 2024
1 reply
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TurboTax Live Deluxe Online

It depends. If it meets the criteria of having to file the 8938 when converting to US Dollars, then yes, you would need to file the 8938. Most foreign banks keep their local currency in their bank, so this does not exempt you from filing.

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T

Thineshan

How do I find this form to fill out?

M

MonikaK1

See this help article for more information about filing Form 8938.

Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, refer to the following instructions:

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.
Answer yes or no to living in a foreign country, and select Continue.
Answer yes or no to amount of foreign financial assets, and select Continue.
Carefully follow the instructions. If you need Form 8938, we'll fill it out for you.