topic I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple times now but TurboTax is not saving it. How do I fix this? in Deductions & credits

I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple times now but TurboTax is not saving it. How do I fix this?

hrd241 — Mon, 22 Mar 2021 10:47:56 GMT

I have completed all the required information, as I have in pervious years. It's not saving my responses and is defaulting back to no as the answer to all foreign asset questions.
I have checked both the IRS and TurboTax website and it says the form is available.
Please could you advise why this is occuring and how to resolve as this is preventing me from filing.

Thanks

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple times now but TurboTax is not saving it. How do I fix this?

hrd241 — Thu, 25 Mar 2021 10:04:37 GMT

I would appreciate a response on this TurboTax.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

LinaJ2020 — Fri, 26 Mar 2021 03:26:09 GMT

If you are filing with TurboTax online, let's do these steps:

Check your internet connection. Try to log out and sign back in the program.
Clear your cache and sign back into the program. To clear cache, click here: Cache
You may also try a different browser.
Then follow steps below:

In TurboTax online,

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
On screen, " Foreign Financial Assets", select Yes, I have foreign financial assets and No to living in foreign country
Next screen, "About the Amount of Your Foreign Financial Assets", select Yes to total value is more than $50,000 or 75,000
Follow prompt
Next screen, "Amounts Related to Foreign Financial Assets", enter your amounts
Follow prompts
Next screen, " Do You Have a Foreign Financial Account to Report?", select Yes
Follow prompts

The program should generate the form. Please check again.

To check if you are required to file a Form 8938, check criteria below:

Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

hrd241 — Fri, 26 Mar 2021 07:35:23 GMT

Thank you for your response. It does not resolve my issue.
1) my internet is good and it’s not a cache problem (I have even tried it on multiple machines)

2) I know how to complete the form. The issue is after I have completed it when I go to review it has not saved.
3) I am aware I need to compete this form as I have done for the 3 previous years.

Please let me know a solution as to why this form is deleting the information I enter.
This seems to be an issue for a lot of people.

The issue is: I complete the form. But then when I go back to review what I put, all the answers default back to no as if I never entered any information. I have now filled the form out 10 times with no success.

I would appreciate a response on this quickly as I need to file my return ASAP.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

mjm7767 — Mon, 12 Apr 2021 00:08:01 GMT

I have had the same problem and now Turbo Tax is unable to help. The bigger problem is that after I input the 8938 info countless times, I saved it and then I e-filed my return AND IT DID NOT SAVE. So now I have a really big problem and have to file an amended return. Honestly, I am not using Turbo Tax ever again. They don't care about 8938 I suspect because not many people have to use it.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

DaveF1006 — Thu, 15 Apr 2021 20:26:30 GMT

it depends. It might be that you did not have a FBAR requirement in the first place.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

mhaxby123 — Sat, 29 Jan 2022 06:21:41 GMT

This is a useless response. People know what they need to do with 8938, the program is not working. Why do you post standard auto text replies and get zero response.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

mhaxby123 — Sat, 29 Jan 2022 06:23:06 GMT

Please stop responding with these automated standard check steps. People know what they need to do when filing 8938. The Online program is not working. Period.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

Richard67 — Sat, 05 Feb 2022 01:31:12 GMT

same issue, my question here. Searching through the community I see multiple people having the same issue with TT online and TT don't address it, I don't think it's acceptable to say you need to download the desktop version to make it work ...this is 2022 for xxxx sake!

https://ttlc.intuit.com/community/taxes/discussion/prepare-a-report-on-foreign-financial-assets-tt-o...

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

davesugden — Sun, 29 Jan 2023 02:55:09 GMT

I'm getting the same issue, my Foreign Accounts are disappearing and not saving with the website.

Re: I have completed the Form 8938 (Statement of Specified Foreign Financial Assets) multiple tim...

mhaxby123 — Sun, 29 Jan 2023 03:28:09 GMT

Dear davesugden,

The only way around this is to download the program to reside on your computer and stop using the online version. I have just filed my 2022 taxes with 8938 statement included and all is good and IRS accepted my filing within 30 minutes.

The only warning I have is that if you make a mistake, even when using the installed program version, TT somehow seems to hold or keep data in sections even after you think you have deleted or overwritten the fields. Make sure you save and then return and go through the 8938 final form to make sure old data is not left behind.

This form is definitely a weak part of TT's suite of forms. Shame of them for not resolving.