The background:
We got a CPA do to our taxes last year due to some complicated calculations that were needed. She also reported our foreign investments (a retirement annuity and provident fund (like a pension/retirement fund)) on the Statement of Specified Foreign Financial Assets Form 8938. The total amount for 2019 was around $18,000 (note we also had foreign property that year that was sold).
When I started completing our taxes for 2020 on Turbotax it indicated that I don't need to fill out Form 8938 because our amount of foreign investment is not over the threshold, but I do need to complete a FBAR (this I have submitted). My husband closed his provident fund and transferred the money over in 2020. With the exchange rates and taxes he had to pay, the final amount he received was $11,000 ($17,000 on 2019 tax return).
The questions:
(1) Should these investments and the sale of the one (i.e. loss) be reported for US tax in 2020? If yes, what form should be completed.
(2) If no to the above will the IRS have issues with the Form 8938 having been completed in 2019, but not in 2020?
