I have a U.S. brokerage investment account with some foreign investments that earned dividends and paid foreign taxes reported on 1099-DIV. Do I need to file Form 8938?

[bredman]

I went through the TurboTax Deluxe process to generate that 1116 forms based on the information from the 1099-DIV and the supplemental information from the brokerage firm. However, it is not clear to me whether or not I also need to file Form 8938 for reporting foreign financial assets for these investments held in a U.S. brokerage account. The investments are ETFs and Mutual Funds, and the total Foreign Source Income from them is under $500.

[TomYoung · Accepted solution]

As you bought these securities through a US-based broker and the securities reside with that broker the Form 8938 is not required.

Tom Young