topic TurboTax Form 8938 vs Form 3520 in After you file

I filled form 8938 in turbotax online (and could enter all data after following the link from the help) but when I filed it did not include the form. What happended?

Anonymous — Wed, 27 Jan 2021 03:01:19 GMT

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

LenaH — Wed, 27 Jan 2021 19:09:09 GMT

TurboTax will fil out Form 8938, Statement of Specified Foreign Financial Assets, for you and attach it to your return, if required. Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. If any of these situations apply to you, Form 8938 isn't required and would not be attached.

In addition, if you filed Form 3520, 3520-A, 5471, 8621, or 8865 in 2020, you do not need to report the same information on 8938.

Lastly, there are aggregate value thresholds that may apply. Per the IRS, you would only need to file Form 8938 if:

Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

Anonymous — Wed, 27 Jan 2021 19:17:13 GMT

Thank you.

The assets are foreign bank accounts -- all in the same bank. The bank is in one European country, it is not a foreign branch of a U.S. bank AFAIK. I'm a non-US Citizen but work and live in the US (so a US resident for tax purpose).

Is there a way to go back to the form 8938 in TurboTax to see it? I know I filled the form in TurboTax Online but I don't see it anywhere

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

LenaH — Wed, 27 Jan 2021 22:19:52 GMT

With further review of your follow-up question, Form 8938 won't be available until 2/4/2021. Therefore, it was not attached to your tax return when it was e-filed. It is possible that the IRS will reject your return. If it is not, you can amend your return as long as it accepted by the IRS; in other words, the e-file cannot be pending. Since Form 8938 is an informational form, it will not effect your tax calculation and as long as you amend the return before the deadline, there will be no penalty. Lastly, amendments are free in TurboTax.

To amend your 2020 return, please follow the directions on the How do I amend my 2020 return?

To see IRS form availability, please go to IRS forms availability.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

asj walsh — Wed, 10 Feb 2021 13:38:15 GMT

Form 8938 availability on Turbotax keeps moving right. The form has been available on the IRS website for at least a month. When I first prepared my Turbotax return it said Form 8938 wouldn't be available until the 27th Jan 2021, and slowly but surely the availability date keeps moving. Now its 2/18/2021. At this rate it won't be available by filing date. I called and they promised me it would be ready by the 11th Feb.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

AshleyLO — Wed, 10 Feb 2021 17:24:16 GMT

Available in paper form and operational in electronic form are 2 totally different things. The IRS will have to finalize and approve the form for e-filing before the form is available in TurboTax.

form 8938 availability

drjalavi — Thu, 11 Feb 2021 18:02:42 GMT

I thought the form 8938 will be available by now. I really need to complete my tax returns. please hurry...

Re: form 8938 availability

ChondelLO — Thu, 11 Feb 2021 18:12:28 GMT

Currently, form 8938 will be available on 2/18/21. For more information on forms availability please click the link below.

IRS forms availability table for TurboTax individu...

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

shannonod — Fri, 12 Feb 2021 16:42:46 GMT

I am unable to file because turbo Tax - which says it is updated - is telling me that 8938 "has not been approved for release at this time". It's Friday, February 12, 2021.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

SForrestLO — Fri, 12 Feb 2021 17:21:46 GMT

@shannonod

If the forms are available, you may need to reinstall the software. If you have the CD, then go ahead and reinstall it. Note that the installation process may ask you to uninstall the product first. If so, please do that. This will not erase any tax files you have created. If you downloaded the software from TurboTax, go back and re-download the software using the same process.

When you have reinstalled the product and have updated the software and the form is still not there, then this is use this FAQ to manually install updates. Manually Update Software

Please see this Turbo Tax FAQ on the availability of IRS forms.

Federal Individual Form Availability Federal Forms

The IRS began accepting returns today, however, there may still be a delay with them approving forms.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

shannonod — Fri, 12 Feb 2021 18:51:42 GMT

Ah, just saw several other posts that say TT won't have those forms updated until Feb 18.

So much for filing taxes today!

Thanks for the input.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

tarobbs — Mon, 15 Feb 2021 16:06:21 GMT

Now release date for from 8938 has been moved out another 7 days 02/25/2021. Seems to be a continual moving target, not sure if it is the IRS's hands or Intuit

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

shannonod — Mon, 15 Feb 2021 17:00:35 GMT

Thanks for that update.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

laura42 — Mon, 15 Feb 2021 18:26:47 GMT

I need this form as well! Am very frustrated with turbo tax. It has now pushed the release date of this form back to 2/25. I do not understand this! And who knows if it will even be available by this date. I need to file as I owe money. And the under penalty tax form is not available yet either. And every day I do not pay I am gonna owe more money! not happy!

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

laura42 — Mon, 15 Feb 2021 18:29:13 GMT

its available on irs website for along time now. So i do not get what the issue is with turbo tax. I wanted to file on the first day, now this form is pushed back to 2/25. And how many more times is it gonna be pushed back!

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

CarissaM — Mon, 15 Feb 2021 18:39:07 GMT

You can view the forms availability by clicking here. All dates are subject to change.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

laura42 — Mon, 15 Feb 2021 18:43:18 GMT

Form 8938 availability has been moved at least 5 times, now it says 2/25. Are you ever gonna get it!

Is it your issue or with the IRS. I really need to file and this is causing me a big delay, plus money in underpayment costs, and you also dont have form 2210 available!

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from...

MichelleLO — Mon, 15 Feb 2021 19:08:51 GMT

Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability before it becomes available in tax software programs.

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from the help) but when I filed it did not include the form. What happended?

ajaj — Tue, 16 Feb 2021 06:18:31 GMT

I filled out my tax return today but could not file. Received notice that I have to wait for Form 8938 to be ready 2/25/2021. Funny thing is I submitted this form every year for a number of years in the past but do not need to submit this year. Why am I getting this notice and can I skip and efile?

Re: I filled form 8938 in turbotax online (and could enter all data after following the link from the help) but when I filed it did not include the form. What happended?

shannonod — Tue, 16 Feb 2021 15:37:08 GMT

Could you just delete the 8938 forms from your return?