How to report Brokerage account in Form 8938?

[GanaVK]

I have a brokerage account in India that hold various stocks from Indian stock market and the value exceeds 100K. I understand that I need to report this account in Form 8938.

Questions

1) Is this considered a financial account or financial asset? I think it is financial account.

2) Assuming this is considered financial account, I can see ONLY two choices in TurboTax, Deposit account or Custodial account.

Which one should I select?

Uploaded screenshot

[DaveF1006 · Accepted solution]

Yes, it is a financial account. It would be considered a custodial account for 8938 reporting purposes. 

[pk]

@GanaVK , having read through your post, and reply by my colleague @DaveF1006   ( and generally agreeing with )  let me just add the following ( nuances)

For purposes of  FATCA reporting  , the stocks / bonds that you hold are indeed financial assets  to be included in FATCA threshold determination

Additionally I would include any cash held in custody for in vestment / distribution is  a financial custodial account and must be counted for purposes of  FATCA regs.

Also note that  custodial account cash may be counted towards  FBAR reporting ( because it is liquid)

Does this help or confuse the situation?

Is there more one can do for you ?

[GanaVK]

Both of your replied helped.

Thanks @DaveF1006 @pk