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Deductions & credits
You don't necessarily have to have income from foreign financial assets during the year to be required to file Form 8938 -- you only need to have interests in specified foreign financial assets to trigger the filing requirement.
See the following IRS resources for more information:
- Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?
- Basic Questions and Answers on Form 8938
- Instructions for Form 8938
If you think you've inadvertently responded to a prompt in the TurboTax interview that's generating Form 8938 in TurboTax Online:
- Select Tax Home in the left pane
- On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Start, Review/Edit, Continue or Pick up where you left off
- Select the dropdown to the right of Less Common Investments and Savings (1099-OID, contracts and straddles, etc.
- Select Start or Revisit to the right of 1099-OID, Foreign Accounts
- Continue through the following screens, making any edits needed
If this isn't what you're asking about, feel free to re-post with more information -- specifically, about what your interests are and why you don't think they trigger Form 8938.
March 26, 2024
10:15 AM