I filled form 8938 in turbotax online (and could enter all data after following the link from the help) but when I filed it did not include the form. What happended?

[aksinha]

Hi Aaronbeh,

I have been raising this for over a week now. Have spent more than 2 hours again today with TurboTax product specialist and with a CPA, with no luck. They have escalated it to the engineering team it seems.

I additionally have issues with foreign tax credit (form 1116) as well. I learnt that they are working on both of these issues.

Very frustrating experience this year with TurboTax.

Thanks!

[LinaJ2020]

You will need to specifically enter info in the Form 8938 section.  Here are the steps:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• Follow prompts
• On-screen, "Amounts Related to Foreign Financial Assets", enter information

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.

@aksinha

[aksinha]

Hi @LinaJ2020 

Thank you for your response! You probably didn't read my comments fully. I know how to enter foreign asset/accounts information. I have been doing this for the past 6 years. So, am very well aware of the process/steps involved... lot more than many of the tax experts/CPAs who I have talked to at TurboTax in the past/this year.

So, problem is not with how to get there and fill information. The issue is once you have done that; the online platform is not generating Form 8938. So, whatever you enter in there, it doesn't get recorded. I walked TurboTax product specialists through this process using screen share multiple times over last one week. I have wasted at least 10+ hours in this whole process already.

Thanks!

[Fabiana_bera]

Hi,

Today I filed my Tax Return, and I tried to add the form 8939 many times, but in the end, it disappeared. Last 2 years I sent by Turbo Tax, but this time I couldn't and I don't understand.  Is the amount of $150,000 for (married filing a joint) for the Foreign Deposits or for Other Foreign Assets?

[LinaJ2020]

We have tested the program and entered the information as instructed above, we see the Form 8938 among other required tax forms at the end.  I wish I could walk you through to see what has gone wrong.  At this point, I will recommend you to use our TurboTax Live which allows you to work with a tax expert to get into the program to figure out what is missing.  To get to TurboTax Live, click here: TurboTax Live

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

To be specific how to enter the info under Form 8938, follow these steps:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• On screen, " Foreign Financial Assets", select Yes, I have foreign financial assets and No to living in foreign country
• Next screen, "About the Amount of Your Foreign Financial Assets", select Yes to total value is more than $50,000 or 75,000
• Follow prompt
• Next screen, "Amounts Related to Foreign Financial Assets", enter your amounts
• Follow prompts
• Next screen, " Do You Have a Foreign Financial Account to Report?", select Yes
• Follow prompts
• On screen, " Do you Have any Other Foreign Financial assets to Report?" select No.
• Follow prompts.

[Fabiana_bera]

Thank you,

I think it is more about an issue of the program than a question for an expert.  Do you have any email or contact that I can call to solve this problem because today I sent my tax return without the form-8938 because the system didn't allow. I added this information more than 6 times this week.

[CarissaM]

You can contact Turbo Tax by clicking here. 

[aksinha]

Hi @LinaJ2020 

I see no reason why the software should work for TurboTax Live, and not for other version. Unless things got fixed over last 24 hours, I know for sure there are issues with your software. I don't need a Tax expert to walk me through this as I know how to do this myself. I have been doing this for long . But, to make you feel better; I did work with a Live tax consultant/CPA yesterday. Your product specialist Brittony was able to get me that help - she escalated the issue to two levels. And, it did not work.

Thanks!

[aksinha]

You are right @Fabiana_bera  There is a bug with their software. It just won't save the form. I have not tried this today; but it definitely did exist until 03/10/2021 80:00 pm pacific time. I tried escalating it. So, if you have tried this today and it is still not saving it -- go to Tax Tools -> Tools -> Delete a Form, and scroll through to find form 8938. if you see it there, you should be good.

Thanks!

[Fabiana_bera]

Good Morning,

I submitted my tax return yesterday morning, so now how can I send the form 8938?

Thank you

[Aaronbeh]

Dear all,

I was able to get Form 8938 working and successfully submitted my Federal return.

The issue turned out to be as follows:

Using the 'jump to' option (which is often suggested as the answer on these forums) would always result in input values not being saved and not appearing in the print view.  I think this was suggested prior to the form being finalized by TurboTax since it was the only way to access it (it was no yet part of the interview).

Now that the form is available I was able to find it under "Other Tax Situations", then "Other Tax Forms", then "Prepare a report on foreign financial assets". Once I input the data through this route it was saved and appeared in the print view.

I hope this helps.

[amtink]

I am so frustrated. I have a Form 8938 filing requirement - as I have had for the past 7 years. I have filled out the form listing my multiple accounts four times. Each time, the information disappears. When I view my return, Schedule B, Part III, line 7a is checked "no".  I have paid for the deluxe version, and this should not be happening.

[JotikaT2]

I recommend contacting us to have an agent review the issue with you. 

Contact TurboTax 

@amtink

[aksinha]

Hi @amtink 

Don't waste your time on this. Turbo Tax folks are not going to understand and fix it. I spent at least 12-16 hours of my time; with multiple long calls with Turbo Tax product specialist as well as with CPA... all of that was of no avail. One product specialist however mentioned to me that their CD/desktop version didn't have this issue. So, I finally went to Costco, picked up a CD and then did my return today. It worked absolutely fine. It was cheaper too. Keep going to "Forms" view to make sure your information is getting saved as you start entering in your foreign accounts; and the forms view also lets you update information directly on the form itself if you know what you need to do in case of any missing information. In my case for some reason it didn't record Line 7a as "Yes"... but it did save all 8938 information. So, i went ahead to Schedule B, Part-III and updated the entries as "Yes" against that field.

Hope this was helpful, and let me know if you need any other help!

Thanks!

[amtink]

On the 5th try, I was FINALLY to fill out the foreign financial assets form and it worked. I accessed Form 8938 in a different way. I found a section for "uncommon situations" and used clicked through the "squares" and found one that said "I have foreign financial accounts" or something to that affect. It took me 8 hours to input and file my return. It should have taken no more than 2 hours as I had all of my information. Not sure if I will use Turbo tax next year.