Correct form 8938 mistake after e-filing before the due date. (2020 return)

[rz8]

• I omitted several foreign accounts on the return I e-filed yesterday. I didn't realize empty or inactive accounts that earned no income also had to be reported.
• What is the best way to correct this mistake so that it doesn't count as being overdue to avoid possible penalties?
• I saw some advice in another related question (https://ttlc.intuit.com/community/taxes/discussion/re-form-[product key removed]/01/1376996) that I should wait for the money to deducted (I owed taxes) then file an amended return. Is that the recommended solution?
• I also read that superseding returns exist. Is there any practical difference between using that vs just filing an amended return before the due date for my case?
• My return was accepted but the money has yet to be deducted from my bank account. Waiting for that to happen may push me after the May 17 due date. Should I go ahead and amend now anyways?

[LinaJ2020]

You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared. The 8938 is required mainly for reporting purposes.  It should not affect your total refund or tax due.  

[rz8]

Hi Lina. Thanks for the reply. I know that this will not affect my total tax due. However, I have read that not filing a correct 8938 when due can have huge penalties so I am very interested in getting this fixed before May 17.

[LinaJ2020]

Per IRS, if you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date (including extensions), you may be subject to a penalty of $10,000.  You can file an extension with TurboTax to cover that.  Click here:  Extension

That means, as long as you amend your return by October 15 with extension, you should be fine. 

Continue to read:

Reasonable Cause Exception

No penalty will be imposed if you fail to file Form 8938 or to disclose one or more specified foreign financial assets on Form 8938 and the failure is due to reasonable cause and not to willful neglect. You must affirmatively show the facts that support a reasonable cause claim.

The determination of whether a failure to disclose a specified foreign financial asset on Form 8938 was due to reasonable cause and not due to willful neglect will be determined on a case-by-case basis, taking into account all pertinent facts and circumstances.

For more details, click here: https://www.irs.gov/instructions/i8938