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On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

Federal Taxes
More Info About Foreign Financial Accounts
Items Attributable to Foreign Financial Accounts
Where Reported

I have a Loss of 120 dollars.
Where am I reporting it? What Form and Line (Schedule and Line)?

By the way, it was not a loss from a stock sale. It was a loss from a decrease in value of a Canadian Registered Retirement Savings Plan.


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5 Replies
KarenJ
Intuit Alumni

On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

If this is loss from a stock sale, it would be reported on Form 1040 , Line 6 , Schedule D, Line 7 (if it is a short term loss) or Schedule D, Line 15 (if it is a long term loss).

On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

No, it was not from a loss from a stock sale. It was from a decrease in value of a Canadian RRSP. Where should I report that?
KarenJ
Intuit Alumni

On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

Did you report the decrease in value of your Canadian RRSP  in TurboTax when completing the Canadian pension income section? This is usually not reported on your US tax return.  

On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

No, I did not. Only on Part III, line 1e of the Form 8938
KarenJ
Intuit Alumni

On Federal taxes - Wages & Income - Amounts Related to Foreign Financial Assets - Amount Attributed to Foreign Financial Accounts, where is it reported?

If it is not reported on your tax return, then you should not report it in Part III, line 1e of Form 8938.  Part III is only for items reported on your tax return.

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