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Rallyfan
Level 1

Error in bank name on Form 8938

Hello,

I filed my 2020 taxes on by paper.

I filed a Form 8938 along with my 1040 as I had done in previous years.

This year I had to hurriedly file a copy of a page of my 8939. The page I copied was in a binder, so it had binder holes.

I didn't notice that one binder hole "cut" into a letter for the name of a financial institution (Form 8938, Part V, Line 7a). Instead of reading "NATIONAL BANK..." what I submitted on paper reads "ATIONAL BANK..."

There is another entry regarding a different account at the same institution that does read fully "NATIONAL BANK".

I owe no taxes (received a refund) and have no income associated with the accounts in question (I file 8938 purely as an information report).

I do not know the status of my return (online tool has no info; can't reach a live person on the phone).

This is a stupid mistake.

Presumably a live person will transcribe my return and the IRS will then process it.

Should I wait and see what happens?

Should I prepare for an audit or a fine (the 8938 fines are substantial!)?

Anyone ever run across this before?

Thank you.

2 Replies
Critter-3
Level 15

Error in bank name on Form 8938

Don't panic ... if it makes a difference they will send a letter and then you can explain.  

Rallyfan
Level 1

Error in bank name on Form 8938

Thank you! I needed to hear that! Thanks.

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