TurboTax will fil out Form 8938, Statement of Specified Foreign Financial Assets, for you and attach it to your return, if required. Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. If any of these situations apply to you, Form 8938 isn't required and would not be attached.
In addition, if you filed Form 3520, 3520-A, 5471, 8621, or 8865 in 2020, you do not need to report the same information on 8938.
Lastly, there are aggregate value thresholds that may apply. Per the IRS, you would only need to file Form 8938 if:
- Unmarried taxpayers living in the US: 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
- Married taxpayers filing a joint income tax return and living in the US: 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
Per @LenaH
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