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New Member
posted May 19, 2020 7:53:59 AM

Form 8938 line 3 shows red when nothing is checked. Why?

0 4 941
4 Replies
Intuit Alumni
May 21, 2020 2:07:41 PM

Form 8938 has six line 3's. Which Part are you referring to?

New Member
May 21, 2020 2:31:31 PM

Hi Terry,

Sorry, you are right.  I refer to the first occurrence, where there are 4 boxes abcd.  If I check d, it is satisfied, however, if I check a or b or none of them, they all stay red as if an error.

Thanks,

Per.

New Member
Jun 9, 2020 4:13:35 AM

I have heard no response.

Level 15
Jun 9, 2020 8:47:28 AM

I'm not understanding the difficulty here. Who or what entity owns/controls this foreign financial asset?

A) A living breathing person (Specified individual)

B) A partnership (would be part of a 1065 partnership return that you are filing)

C) A corporation (would be part of an 1120-S or 1120 corporate return that you are filing)

D) A trust. (would be part of a 1041 Estates/Trust return that you are filing)

Since you are using the online version of TurboTax (according to my screen) that would indicate to me that the only possible correct selection would be A, and that individual is on of the tax filers named on one of the first two lines below "filing status" on the 1040.

Now I'm not that familiar at all with foreign assets stuff, since I've never owned any of any amount that required reporting. But the above is the best I have to offer.