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rmghozali
Level 2

Where can I find form 8938?

where can I find form 8938?
1 Best answer

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bluedeb
Level 15

Where can I find form 8938?

How do I file Form 8938, Statement of Specified Foreign Financial Assets?

 

To get to the 8938 section in TurboTax (requires Deluxe or higher):

  1. Open or continue your return if you're not already in it.
  2. Search for 8938 and select the Jump to link at the top of the search results.
  3. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
  4. Answer yes or no to living in a foreign country, and select Continue.
  5. Answer yes or no to amount of foreign financial assets, and select Continue.
  6. Carefully follow the instructions. If you need Form 8938, we'll fill it out for you.

Tip: 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. Form 8938 isn't required in these situations.

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2 Replies
bluedeb
Level 15

Where can I find form 8938?

How do I file Form 8938, Statement of Specified Foreign Financial Assets?

 

To get to the 8938 section in TurboTax (requires Deluxe or higher):

  1. Open or continue your return if you're not already in it.
  2. Search for 8938 and select the Jump to link at the top of the search results.
  3. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
  4. Answer yes or no to living in a foreign country, and select Continue.
  5. Answer yes or no to amount of foreign financial assets, and select Continue.
  6. Carefully follow the instructions. If you need Form 8938, we'll fill it out for you.

Tip: 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. Form 8938 isn't required in these situations.

View solution in original post

ReneeM7122
Level 8

Where can I find form 8938?

Turbo Tax will ask you if you have foreign accounts.  If you answer 'yes,' it will bring you to the place where you answer questions to complete Form 8938 (FATCA).  You can find the form by searching for it on the Federal tab.

Here is a TurboTax article about how to get to Form 8938  

 

The FBAR might be required as well.  You don’t file the FBAR with the IRS or with TurboTax.  It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.   TurboTax does not file the FinCEN.  Here is a link to the BSA E-Filing System.

 

If your foreign account has $10,000 or more in it that's when those forms come into play.   Again, these are the forms:

  • FBAR - FinCEN Form 114 - required if the total balance of all foreign accounts exceeds $10,000 at ANY time during the year.  
  • FATCA - Form 8938 - The amounts vary based on where the TP lives and their filing status.

 FBAR and FATCA are two separate reporting events filed in two separate places. 

 

Foreign Accounts Tax Compliance Act (FATCA)

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The IRS receives information about foreign assets on form 8938 on your federal tax return. 

 

FBAR - Report of Foreign Bank and Financial Accounts (FinCEN Form 114) 

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.   You can have have $2,500 in each of 4 foreign accounts that would trigger a filing requirement - it's not just for one account.  The name of the form to file If you have any questions or require technical assistance using the BSA E-Filing system, you may call them at 866-270-0733;  or if calling from outside the United States, 313-234-6146. 

 

 Report of Foreign Bank and Financial Accounts (FBAR)

 

   Here is an IRS article that explains the comparison between FATCA and FBAR requirements.

 

@rmghozali

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