topic Re: FORM 8938 in Get your taxes done using TurboTax

FORM 8938

Josefh — Wed, 19 Feb 2025 22:35:41 GMT

Hello, are Certificate of Deposits also entered in FORM 8938? If not, in which form should they be entered? Thank you !

Re: FORM 8938

KrisD15 — Wed, 19 Feb 2025 22:39:18 GMT

Yes, a CD held by a foreign bank would be listed and included on Form 8938. That would be considered a financial asset.

Re: FORM 8938

Josefh — Wed, 19 Feb 2025 23:41:12 GMT

Thank you for your answer ! Sorry, but I have 2 more related questions ...

I am using TurboTax Deluxe. In terms of FORM 8938 it asks me to enter “Type of Account” - either the “Deposit” type or the “Custodial” type. Are Certificates of Deposit considered “Deposit Accounts” here? And are Checking & Savings Accounts also considered “Deposit Accounts” in this context? Thank you once again !

Re: FORM 8938

ThomasM125 — Wed, 19 Feb 2025 23:48:07 GMT

They would only be custodial accounts if they were held in a trust, as opposed to you owning them personally. So if a trust is not involved, they would be Deposit accounts.

Re: FORM 8938

Josefh — Fri, 21 Feb 2025 01:23:36 GMT

Hello ~ Thank you so much for your answer !