I'm using deluxe program on line. I have foreign accout . I inserted all information to foreign financial assets items. After log out , all data deleted why

[bymoon6651]

Do you know why foreign accout data was deleted after re-log in ?

[LinaJ2020]

Maybe you are not required to file a Form 8938 "Statement of Specified Foreign Financial Assets"

To check and verify, here are the steps:

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• Follow prompts

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

[bymoon6651]

i had saved several times on line, but didn't save yet

[ReneeM7122]

You may need to delete form 8938 and start again.  Here's how:

How do I view and delete forms in TurboTax Online?

• Open or continue your return in TurboTax.
• In the left menu, select Tax Tools and then Tools.
• In the pop-up window Tool Center, choose Delete a form.
• Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

Turbo Tax will ask you if you have foreign accounts.  If you answer 'yes,' it will bring you to the place where you answer questions to complete Form 8938 (FATCA).  You can find the form by searching for it on the Federal tab.

The FBAR might be required as well.  You don’t file the FBAR with the IRS or with TurboTax.  It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.   TurboTax does not file the FinCEN.  Here is a link to the BSA E-Filing System.

If your foreign account has $10,000 or more in it that's when those forms come into play.   Again, these are the forms:

• FATCA - Form 8938

• FBAR - FinCEN Form 114 

 FBAR and FATCA are two separate reporting events filed in two separate places. 

Foreign Accounts Tax Compliance Act (FATCA)

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The IRS receives information about foreign assets on form 8938 on your federal tax return. 

FBAR - Report of Foreign Bank and Financial Accounts (FinCEN Form 114) 

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.   The name of the form to file If you have any questions or require technical assistance using the BSA E-Filing system, you may call them at 866-270-0733;  or if calling from outside the United States, 313-234-6146. 

 Report of Foreign Bank and Financial Accounts (FBAR)

   Here is an IRS article that explains the comparison between FATCA and FBAR requirements.

[otaclik]

I have input data to form 8938 several times and TT continues to not save the data. I am required to file this form and getting very frustrated with TT. I have the premier version and at this point TT is not very satisfying

[ReneeM7122]

As you have taken all of the necessary steps to file 8938 already, it might be best if you use TurboTax Live which allows you to work with a tax expert to get into the program to figure out what is missing.  To get to TurboTax Live, click here: TurboTax Live

You can also request an offline review if the issue persists.

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

To be specific how to enter the info under Form 8938, follow these steps:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• On screen, " Foreign Financial Assets", select Yes, I have foreign financial assets and No to living in foreign country
• Next screen, "About the Amount of Your Foreign Financial Assets", select Yes to total value is more than $50,000 or 75,000
• Follow prompt
• Next screen, "Amounts Related to Foreign Financial Assets", enter your amounts
• Follow prompts
• Next screen, " Do You Have a Foreign Financial Account to Report?", select Yes
• Follow prompts
• On screen, " Do you Have any Other Foreign Financial assets to Report?" select No.
• Follow prompts.

@otaclik
 

[vaditya10]

Nothing works, even TurboTax live" etc. this is Program/database glitch, someone technical need to look into it and solve.

I am having the same issue for last few days, entered many time and every time it gets lost.

Tickets are opened and they are closed on their own.

[vaditya10]

Same with me, 

[AkinaLO]

Please contact TurboTax support to troubleshoot this issue. 

What is the TurboTax phone number?

[daveamiss]

I too cannot save my 8938 form. I KNOW I NEED THE FORM "and "I HAVE USED TT IN LAST TWO YEARS AND EACH TIME NO PROBLEM WITH 8938"

Today April 2nd I contacted one of the tech experts under Case #[number removed].

Elizabeth, initially checked records and told me that it was already reported as a TT software problem.

She was VERY KIND and tried everything she could  for 45 minutes to help. SOMETIMES it did save but then when we restarted TT a 2nd time it had gone away again.

Her best suggestion was to file without the form, then wait until I got approval that it had been approved, then file an amendment through the IRS website getting and saving the form through IRS website.

VERY UPSETTING

"

[vaditya10]

Hello, 

If you do not have any "Unemployment" earnings, then do not use the Online version of Turbotax.

This issue of 8938 is since Jan 2021, and no one in Turbotax like to address it, in fact, I contacted around 10 times with these people, without any success, in fact, I was told that once you pay up, the form will be available and if not, then I can add later on. I did that, only to learn that adding a new form is not feasible.

In fact, even Form 1040 Schedule B will be defective.

The cost I paid is 210$ and got "ZERO" support + defective form and missing forms. ( This means one can not do the e-filing). I had to print, downloaded Schedule B and 8938 from the IRS website, filled up, and sent it through email.

 If you have not done filing yet, go to COSTCO/SAMSCLUB and buy Turbo Premier (69$ only) and use that.

[daveamiss]

THANKS...   I was planning to file without the 8938 and then use the IRS website to file an amendment with the missing form(as suggested by the TT Tech), BUT if you say that Schedule B for may well be incorrect then a trip to Costco sounds a good idea!

By the way every time I try to enter anything into this board I am forced to

- Verify I am not a Robot by having to click on pictures - usually 2 or 3 times

THEN - Change my Password ( I just enter the same password)

THEN - Request a verification code on Email

THEN - Request a verification code on phone

Finally I get in  -  Seems like they are trying to dissuade me from usng the board...

While on a roll, when entering data into TT, if I go more than a FEW SHORT minutes without doing anything I get logged out, and only way to get back in is also via

- Picture verification

PLUS Email code verification

PLUS Phone code Verification

[Richard67]

same issue, my question here.  Searching through the community I see multiple people having the same issue with TT online and TT don't address it,   I don't think it's acceptable to say you need to download the desktop version or jump through over hoops to make it work ...this is 2022 for xxxx sake!

https://ttlc.intuit.com/community/taxes/discussion/prepare-a-report-on-foreign-financial-assets-tt-o...

[RobertB4444]

The issue with form 8938 not saving its data has been reported to investigations and is currently being worked on.

[Richard67]

@RobertB4444     when I logged back in today the all the information had gone again.  The issue seems not to be immediate, but happens after a couple of days.   Does TT have a suggested work around?