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Why does Turbotax treat my required reporting of my World Bank pension benefits for the year on Form 8938 as required by the US Treasury as an error?

Because I need to override Turbotax to put my annual World Bank pension benefits on Form 8938 (as required by the US Treasury), I can't file electronically.
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3 Replies
Vanessa A
Expert Alumni

Why does Turbotax treat my required reporting of my World Bank pension benefits for the year on Form 8938 as required by the US Treasury as an error?

What is the exact error you are getting?

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Why does Turbotax treat my required reporting of my World Bank pension benefits for the year on Form 8938 as required by the US Treasury as an error?

The error message is "Form 8938: Value of Custodial Accounts should not be overridden and changed for Electronic Filing. Using an override can prevent the cross-checking that's important for an accurate tax return."

 

However, the US Treasury tells us that we should report our interest in the World Bank Staff Retirement Plan using Form 8938.  Since that interest is difficult to value, we are instructed by the US Treasury to report the value as equal to the amount of distributions received during the year (as report on my 1099-R from the World Bank).  To report that figure, I have to use an override.

Vanessa A
Expert Alumni

Why does Turbotax treat my required reporting of my World Bank pension benefits for the year on Form 8938 as required by the US Treasury as an error?

If you override something in TurboTax, you will have to print and mail your return.  You cannot e-file with an override. 

 

How do I override (replace) an amount calculated by TurboTax?

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