☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 16, 2022 1:21:06 PM

What number to fill for "Amount Attributable to Foreign Financial Accounts" in form 8938

Hi,

 

My wife and I independently owned some foreign bank accounts and insurance policies.  However, we do fill jointly for US income tax through Turbotax.  When it comes to report "Amount Attributable to Foreign Financial Accounts" in form 8938 (as the figure below), should we just add up all our number together?  Ex:  My wife has $100 other income, and I have $200 interest.  Then, we just put these number in the box?  

 

 

Also, in the section of reporting Foreign Financial Account (see picture), it looks like no input to specify the account or policy belonged to my wife or me.  Does it matter, or just list both my wife and mine account there one after another?  

 

 

Thanks,

Max

 

0 5 1325
5 Replies
Expert Alumni
Feb 16, 2022 2:19:09 PM

Please enter your foreign interest income AS IF you have received 1099-INT for it and enter interest income in box 1. If you paid any foreign taxes on the interest income, enter them in box 6 of 1099-INT form (be sure to indicate that you have more than just box on the form). 

  1. Federal Taxes
  2. Wages and Income
  3. Interest and Dividends, select Interest on 1099-INT

What type of foreign Other Income did your wife receive?  Generally, you report your foreign income where you normally report your U.S. income on your tax return

 

Earned income (wages) is reported on line 7 of Form 1040; interest and dividend income is reported on Schedule B; income from rental properties is reported on Schedule E, etc.

 

Click this link for more info on Reporting Foreign Income. 

 

Unless your Foreign Bank Account was over 10K, you don't need to report the account in this section.  Unless your Foreign Asset is valued over 100K, you also don't need to report in this section. 

 

 

Returning Member
Feb 16, 2022 3:04:38 PM

Hi MarilynG1, Thanks for your answer. However, it is still not clear to me that shall I add up both my wife and my number together to fill the "Amount Attributable to Foreign Financial Accounts" in form 8938. Would you please explicitly clarify it? Also, we don't pay tax in other countries, so we don't really have 1099-INT for these accounts. Thanks, Max

Expert Alumni
Feb 16, 2022 6:12:43 PM

@Max0319  To clarify, what is the total of your foreign financial accounts?

Returning Member
Feb 16, 2022 6:23:04 PM

Hi Dave, 

 

We are in the process of counting number, but I think it is higher than the $150,000 threshold if added up both my wife and mine. 

 

The point is that I don't know shall I add both my wife and mine all together since we filed tax jointly. 

 

Thanks, 

Max

Level 7
Feb 16, 2022 6:40:52 PM

You will have to enter each individual account separately as you have to provide details of the account number, the name of the financial institution address. 

 

The system will add up all the numbers and fill them up in the appropriate column on the first page.

 

  1. Open or continue your return if you're not already in it.
  2. Search for 8938 and select the Jump to link at the top of the search results.
  3. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
  4. Answer yes or no to living in a foreign country, and select Continue.
  5. Answer yes or no to foreign financial assets, and select Continue.
  6. Carefully follow the instructions. If you need Form 8938, TurboTax will fill it out for you.

 

Click on the link for more information

 

Form 8938