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Level 1
posted Jul 12, 2020 5:51:02 AM

Maximum Value of All Deposit Accounts incorrect

Hello,

 

After filing, I discovered the value of the Maximum Value of All Deposit Accounts for form 8938 is incorrect. One entry has been calculated twice (though only one form 8938 was entered for that account). This looks like a tool error. When I deleted the specific form, the Max value returns to the correct value. But now the account is missing a form 8938 😉

 

This error doesnt change the tax calculations. I filed the FBAR forms with the correct information matching the 8938 forms.

 

May I know how to ratify this and when to file an amendmend?

 

Thank you.

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1 Replies
Employee Tax Expert
Jul 14, 2020 7:13:51 AM

Please see the following link for instructions on how to enter this information into TurboTax.  

 

Your information may be entered in another location and may need to be deleted to allow Form 8938 to be generated correctly and only reported one time.

 

Instructions to input Foreign Financial Assets for Form 8938