form 8938 for Married Filing Jointly.

Forum|Forum|3 years ago
February 7, 2023
1 reply
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Hey,

I want to file a tax return together with my wife.

Both of us have some foreign checking accounts separately not jointly.

How can we file form 8938 individually in TurboTax?

When I follow the steps, it puts our names in one form (names on the return) and cannot differentiate who owns which account. I don't think this is correct

Thanks

TurboTax Premier Online

Best answer by DaveF1006

Expert Reviewed

Yes, it does state in the instructions for 8938 "If you and your spouse file a joint income tax return and, therefore, would file one combined Form 8938 for the tax year, include the value of the asset jointly owned with your spouse only once to determine the total value of all of the specified foreign financial assets you and your spouse own".

if you file your returns jointly, you can file only one 8938 according to IRS instructions.

DaveF1006Answer

Level 15

Expert Reviewed

if you file your returns jointly, you can file only one 8938 according to IRS instructions.

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liuxuhan2021Author

Level 2

Hey Thanks for your reply.

So if we only have one form, how to differentiate who owns which account?

or does it mean in this case, we have to fill tax returns separately in order to fill out two 8938 forms?

ThomasM125

Level 15

You would enter the assets you own plus the assets your spouse owns plus the assets you own together. So, you don't need to file separate Form 8938's.

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