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kimsye
Returning Member

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

 
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5 Replies
JohnW152
Expert Alumni

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

You don't necessarily have to have income from foreign financial assets during the year to be required to file Form 8938 -- you only need to have interests in specified foreign financial assets to trigger the filing requirement. 

 

See the following IRS resources for more information:

If you think you've inadvertently responded to a prompt in the TurboTax interview that's generating Form 8938 in TurboTax Online: 

  1. Select Tax Home in the left pane
  2. On the Hi, let's keep working on your taxes! screen, select the dropdown on the right side of the Income & Expenses box, then select Start, Review/Edit, Continue or Pick up where you left off
  3. Select the dropdown to the right of Less Common Investments and Savings (1099-OID, contracts and straddles, etc.
  4. Select Start or Revisit to the right of 1099-OID, Foreign Accounts
  5. Continue through the following screens, making any edits needed

If this isn't what you're asking about, feel free to re-post with more information -- specifically, about what your interests are and why you don't think they trigger Form 8938.

kimsye
Returning Member

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

Thank you! I do need form 8938 as I have foreign bank accounts -- but I simply need to report their existence and have no interest, credit, royalties, etc. associated with it. But even if I put 0 in all those categories, when I click to review files before submission, it prompts me to a page where it says enter the "schedule and line." It also gives me that same prompt for "other foreign assets," which I do not have.

SusanY1
Expert Alumni

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

Return to that section and remove the zeros and just leave those items blank.  This should clear the error for you.  

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kimsye
Returning Member

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

Unfortunately, it doesn't. Is there perhaps another way or a way to over-ride?

DaveF1006
Expert Alumni

Don't have interest to report for my foreign accounts, except that I simply have them. However, when reviewing, TurboTax makes me select categories for form 8938. Help!

 Just start over by deleting form 8938 and then reenter.

 

  1. Go to Tax Tools
  2. Tools 
  3. Delete a Form 
  4. Delete form 8938

Now reenter by going to;

 

  1. Federal
  2. Other Tax Situations
  3. Other Tax Forms
  4. Miscellaneous Tax Forms
  5. Prepare a report on foreign financial assets.

Leave all those Interest, Royalties, Dividends, other income blank.  Be sure to report your Financial Accounts when you are asked and the balance in each account.  

 

Let us know if this works.

 

@kimsye 

 

 

 

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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