I have a foreign bank account, and it was closed during tax year. TurboTax does not have an option to check the "Account closed during tax year" box on Form 8938.

I have a foreign bank account, and it was closed during tax year 2020.
TurboTax prepared Form 8938 "Statement of Specified Foreign Financial Assets", but it does not have a related question or an option for me to check the "Account closed during tax year" box in Form 8938, Part V, 3b.

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Expert Alumni

Mar 1, 2021 2:11:27 PM

When you go through the 8938 section in the program, the first question asks you "if you have total value of foreign assets on the last day of 2020", if you have closed the account, you would answer No to that question. By doing so will not generate a Form 8938. See image below.

If you live in the US and meet one of the following criteria, you would need to file a Form 8938.

Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

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I have a foreign bank account, and it was closed during tax year. TurboTax does not have an option to check the "Account closed during tax year" box on Form 8938.