Please clarify WHERE you saw TurboTax saying you do not need to file the 8938 if you file a 3520.
You need to file Form 8938 if any of the following are true:
- You're living in the U.S. and are not married filing a joint return and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
- You're living in the U.S. and are married filing a joint return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
- You're living abroad and are not married filing a joint return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.
- You're living abroad and are married filing a joint return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
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