Can there be some bad consequences for us? I think Question 6 in Part I of 8938 shall be clarified or modified, or instructions shall be provided by IRS. It is not about turbotax, it is more about form 8938. By no means , the idea of the question was not to inflate your money and to provide a wrong data. IRS needs a real picture about how much money /financial assets did one owe over the course of a tax year in foreign bans, if it is more than 10K. If you move your money from one pocket to another pocket it does not mean these sums shall be aggregated. This is so simple. If I had $5 in my right pocket and $5 in my left pocket it simply means I had $10 and it will stay the same $ 10 after I put the money in one pocket, it wont; make me $15:))) unfortunately, I would love to make money this way, so simple. The same happens when we transfer money internally from checking account to saving account. If you blindly follow the question 6 of the Form 8938 you aggregate these sums and this is a fraud actually. That is what Turbotax did in my case just yesterday.. It was my very first year I had to submit tax return and form 8938 and only after I submitted forms to IRS via turbotax I noticed this crazy data under Part I , Section 6 of 8938. I am very disappointed and I do hope I wont be penalized for providing wrong information to IRS. What actions shall I take to correct this? Do I have any options?
