Yes, here is how to report your 8938. First of all, an 8938 will be generated by going to federal>other tax situations>Miscellaneous Forms>prepare a report on Foreign Financial Assets.
Begin the interview process.
- First it asks if your foreign financial assets totaled more than $50,000 on the last day of the year or $75,000 at any time during the year. If the answer is no, Turbo Tax will not continue having you work in this section and will not generate a 8938.
- The next screen will show you a list of forms and will ask if you filed these. If you have and reported the assets on any of these other forms, you do not need to duplicate reporting the same asset twice.
- Then it asks if you reported income from any of your deposit or custodial accounts. if so, you will report those here.
- Next, if you reported things like dividends or interest from your accounts, you will report what lines on the 1040 does this appear and the schedules and line where these appear. More than likely, it will be on a Schedule B if the interest and dividends were more than $1500 in interest or dividends.
- Next is where you will begin reporting all of your accounts. You will indicate if the accounts are deposit or custodial. So enter the information from your first account after indicating this is a deposit account.
- After entering the required information, then there will be a screen asking you have any other foreign financial assets to report.
- You will keep entering additional financial assets until you have completed entering all of your financial accounts, while indicating these are deposit or custodial accounts.
- In the end, you will have a completed 8938 with a 8938 continuation statement that lists every account you have recorded.
Let us know if you have additional questions.
@Satyanarayana Ganti
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