Question about form 8938

vident — Wed, 19 Feb 2025 15:32:40 GMT

I have been filing forms 8938 for several years under the condition posed by Turbo Tax that foreign assets were over 150K at some point in the year or above 100K at the end of the year.

This year (2024) however, both conditions are not true as the value of the foreign assets have reduced as several accounts were closed in 2024. Should I just delete the forms from the 2024 return (as Turbo tax recommends) or still fill the forms identifying the accounts that were closed?

Re: Question about form 8938

MaryK4 — Wed, 19 Feb 2025 16:07:39 GMT

You can do either, although file the forms to indicate they were closed is a good choice. You can only get "in trouble" if you have the foreign assets and do NOT report them. If the IRS compares the form from last year and sees the 8938 missing, they might send you an inquiry. By reporting the accounts closed this may prevent it; but at the same time, you would run into the same issue next year...

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Question about form 8938

Re: Question about form 8938