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Level 1
posted Jul 13, 2020 3:16:13 PM

I filled in Form 8938 for Foreign FinAssets > $100k. They show correctly in 8938, but in Schedule B part III, lines 7a and 7b are No instead of Yes. How to fix to Yes?

I have 2 foreign financial assets in Canada: a bank acct and a brokerage acct where max value > $100k.
Part V of Form 8938 look identical to last year except for the max value.
Why is it not reporting properly in Schedule B part III?  
It worked last year in Turbotax online but not this year?

0 1 189
1 Replies
Level 1
Jul 14, 2020 8:06:04 AM

1. Select 1099-OID, Foreign Accounts in Wages&Income.
2. Checked "Owned or signed on a foreign bank, broker, or other financial account"  and Continue.
3.  Checked "I had a bank, broker or other financial account in foreign country". and Continue
4. Checked Yes on "Value of all your foreign accounts " greater than 10000 and continue
5. Provided the country Code in "You need to File FBAR" page. and Continue.
6.  Checked "None of the above" in "Tell Us ABout Foreign Trust" page and continue.
7. Checked Yes on Foreign Financial asset page "No" for "Do you live in a foreign country" and continue.