topic I am not able to correct 8938 form in Get your taxes done using TurboTax

I am not able to correct 8938 form

AmirK — Sun, 02 Feb 2020 22:31:21 GMT

as part of review process for my federal tax, I was asked to input some information in form 8938. I accidentally put a number in under like 1e) Gains (losses) column e) schedule and line. Now I am not able to correct this error because searching for form 8938 bring me to information on my foreign bank that has nothing to do with Gains (losses).

how can I get to the actual 8938 form and edit a box?

Re: I am not able to correct 8938 form

LinaJ2020 — Sun, 02 Feb 2020 22:52:51 GMT

Unlike the TurboTax desktop edition, you cannot edit information on the actual forms in the TurboTax online. To edit information on the Form 8938, you would need to return to the foreign assets Form 8938 section in the program. In TurboTax online, here are the steps:

Sign in to your TurboTax account and select Pick up where you left off
At the right upper corner, in the search box, type in "foreign assets" and Enter
Select Jump to foreign assets
Follow prompts
On-screen, Amounts Related to Foreign Financial Assets, edit information
See the image below

Re: I am not able to correct 8938 form

AmirK — Sun, 02 Feb 2020 23:03:06 GMT

thanks for your response. my issue is under foreign financial amount in the form 8938, we are supposed to provide information on where it is reported. Once I was done with my federal tax, I got to this review section that prompted me with an interactive wizard and asked me to provide information where this Gain/loss is reported. by accident, I put a number in that box and I can no longer get the same interactive wizard to correct that error.

I need to find out how to correct the entry under "where reported"

please see the number 18.82 in the row GAIN(LOSSES). how do I get rid of this error?!

Re: I am not able to correct 8938 form

KathrynG3 — Sat, 08 Feb 2020 15:29:04 GMT

To find Form 8938, Click on the magnifying glass>Type 8938 in the search box>Click the Jump to Link

From the left menu, click Federal>Wages & Income>Scroll down to Foreign Earned Income and Exclusion.

If you do not need the form at all, from the left menu>Tax Tools>Tools>Delete a Form>Scroll to Form 8938 and follow the steps there to delete the form.

Regarding Foreign Account reporting:

This is a useful IRS resource for persons who may have Foreign Bank Account, Form 8938 and/or Form 3520 filing requirements.

Click on the link for the IRS comparison for Form 8938 and FBAR Requirements. The IRS states:

Form 8938 does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts).

Re: I am not able to correct 8938 form

RangaV — Wed, 09 Mar 2022 22:57:15 GMT

I had the same issue, way to get the interactive form is to go back again under Federal> Wages & Income and click on Edit against 1099-OID, Foreign Accounts.

Where do I get information on (d) Form and Line and (e) Schedule and line?

Even few CPA's with-in turbo-tax could not help. I'm also not sure if I need to use Foreign Accounts or Other Foreign Accounts it's very confusing too.

Re: I am not able to correct 8938 form

MarilynG1 — Wed, 09 Mar 2022 23:58:14 GMT

Type '8938' in the Search window, then click on 'Jump to 8938.'

The 'Form/Line' is where you entered the Foreign Income you are reporting (i.e., Form 1099-INT, Box 7) and what 'Schedule/Line' its reported on your tax return (i.e., Schedule B, Line 1).

Click this link for more info on Filing Form 8938.