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:
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
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.
Form 8938 availability on Turbotax keeps moving right. The form has been available on the IRS website for at least a month. When I first prepared my Turbotax return it said Form 8938 wouldn't be available until the 27th Jan 2021, and slowly but surely the availability date keeps moving. Now its 2/18/2021. At this rate it won't be available by filing date. I called and they promised me it would be ready by the 11th Feb.
Available in paper form and operational in electronic form are 2 totally different things. The IRS will have to finalize and approve the form for e-filing before the form is available in TurboTax.
I thought the form 8938 will be available by now. I really need to complete my tax returns. please hurry...
Currently, form 8938 will be available on 2/18/21. For more information on forms availability please click the link below.
I am unable to file because turbo Tax - which says it is updated - is telling me that 8938 "has not been approved for release at this time". It's Friday, February 12, 2021.
If the forms are available, you may need to reinstall the software. If you have the CD, then go ahead and reinstall it. Note that the installation process may ask you to uninstall the product first. If so, please do that. This will not erase any tax files you have created. If you downloaded the software from TurboTax, go back and re-download the software using the same process.
When you have reinstalled the product and have updated the software and the form is still not there, then this is use this FAQ to manually install updates. Manually Update Software
Please see this Turbo Tax FAQ on the availability of IRS forms.
Federal Individual Form Availability Federal Forms
The IRS began accepting returns today, however, there may still be a delay with them approving forms.
Ah, just saw several other posts that say TT won't have those forms updated until Feb 18.
So much for filing taxes today!
Thanks for the input.
Now release date for from 8938 has been moved out another 7 days 02/25/2021. Seems to be a continual moving target, not sure if it is the IRS's hands or Intuit
I need this form as well! Am very frustrated with turbo tax. It has now pushed the release date of this form back to 2/25. I do not understand this! And who knows if it will even be available by this date. I need to file as I owe money. And the under penalty tax form is not available yet either. And every day I do not pay I am gonna owe more money! not happy!
its available on irs website for along time now. So i do not get what the issue is with turbo tax. I wanted to file on the first day, now this form is pushed back to 2/25. And how many more times is it gonna be pushed back!
You can view the forms availability by clicking here. All dates are subject to change.
Form 8938 availability has been moved at least 5 times, now it says 2/25. Are you ever gonna get it!
Is it your issue or with the IRS. I really need to file and this is causing me a big delay, plus money in underpayment costs, and you also dont have form 2210 available!
Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability before it becomes available in tax software programs.
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?
Yes, you can remove the form if you do no need it this year. Here are the steps:
In TurboTax online,
A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than the appropriate reporting threshold. For details, click here: https://www.irs.gov/instructions/i8938
@ajaj
I spent two hours trying to fix an "error" in Form 8938 in the Mac version of TurboTax Premier. Fortunately, I also bought the Windows version, which tells me that Form 8938 has not been approved, which finally led me to this Q&A thread after some web search.
Are you guys in capable of writing a decent piece of software? The Mac version just shows an "error" and "do not file" on Form 8929 without giving any hint of what the issue is. You have wasted me more than two hours of my life!
This makes no sense - why does this form keep being pushed back? We are almost into March and each week, the date continues to move. Per the IRS website, for 8938 was posted on 10/30/20 - 4 months ago?
IRS website states that form was posted and available 10/30/20? Why are we still waiting for it to be coded for e-file?
We are working diligently to release IRS form 8938 and show that it will now be available on 2/25/2021. Please see this for more information: When will my forms be ready?