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Get your taxes done using TurboTax
Facing the same dilemma as others, and very tempted to opt for a TT alternative, although I'm ready to file.
On Form 8938, Section IV, Item 15, should I leave it blank so as to enable e-file, or will this get flagged once my mailed-in Form 3520 (one each for me and spouse, so "2" is the correct entry, not blank) gets processed ?
I assert that in the simple case of somebody inheriting cash in a foreign country, it doesn't seem as if there's any duplication or overlap of information being reported.
Section V of Form 8938 is where the detailed information for all accounts gets reported: name/address of bank, account number, maximum balance.
But for anybody who just needs to complete Part IV of Form 3520, none of this detailed bank account information needs to be reported. What gets reported is just the date and amount of the transaction (for example, a bank transfer from the estate account) with a description or explanation, e.g. "Inheritance from the foreign estate account of XYZ calculated using the exchange rate xyz. Relationship to US taxpayer: parent".
I'm thinking if the 3520 form(s) are accurate, timely, and complete, it's enough to keep me out of trouble,
and that in the simple case of a cash inheritance, Form 3520 Part IV need not list any bank account details.