I'm using deluxe program on line. I have foreign accout . I inserted all information to foreign financial assets items. After log out , all data deleted why

Forum|Forum|5 years ago
February 26, 2021
1 reply
20 views

Do you know why foreign accout data was deleted after re-log in ?

TurboTax Deluxe Online

linaj20201

Level 14

Maybe you are not required to file a Form 8938 "Statement of Specified Foreign Financial Assets"

To check and verify, here are the steps:

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

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

bymoon6651Author

Level 2

i had saved several times on line, but didn't save yet

ReneeM7122

Level 9

You may need to delete form 8938 and start again. Here's how:

How do I view and delete forms in TurboTax Online?

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

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.

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:

FATCA - Form 8938

FBAR - FinCEN Form 114

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. 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.