pk
Level 15
Level 15

After you file

@makorin , assuming that you are US person ( citizen/GreenCard/Resident for Tax purposes ),  I am not quite clear as to your situation-- what I get 
(a)  you own bank accounts in Japan  -- is this all you have or are you talking about bank accounts and  also other specified  financial assets  ( but no real-Estate    ? )  ?

(b)  Are you taking into consideration the  FATCA -- 8938 -- threshold differences based on your  filing status and tax home ?

 I would de-couple  the missed filings from  current  ( 2024 ) filing requirements.  I say this because  IRS  already  gets info on foreign bank accounts  ( of US persons ) directly.

So my  curative plan would be 

1.  file  form 114 ( at FinCen.gov  and on-line  filing only ) starting from 2024 and walk backwards covering at least three years.   I don't remember if it asks   for reasons for missed filing -- just say  you were unaware of the requirements  ( which is true).

2. Then  start amending your  returns  -- again starting with 2023 and walk backwards.  These would be  paper  / by mail filings.   On each of the amended returns  provide the  "reason for amending" as missed  attaching  form 8938 -- sign/date.  Mail these  at the address  shown at IRS  site.

3.  File your 2024 return per usual -- e-file and include form 8938.

4. There is no reason for  rush/panic -- as long as your reason is  " not being aware of the requirement " and not  purposefully ignoring the law, there is nothing to worry about.

 

I do have a question though -- considering that  TurboTax asks  you every year if you have foreign bank accounts  / if you are required to file FBAR form, if you need to file  form 8938 --- how did you happen to miss  this  blaring siren.   I am assuming that you have been using TurboTax for the last few years -- yes ?   

Here is a page  from the IRS talking about  what are  specified foreign financial assets  -- what is included and what is not .   

Basic questions and answers on Form 8938 | Internal Revenue Service

 

Is there more I can do for you ?

 

pk

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