Why Turbo tax doesn't report the amount entered for interest earn on foreign financial account? Is there a bug?

[sy-fiolleau]

I was able to fill my foreign accounts and interest. Also fill the page 'where reported' where I indicate the amount the form, schedule and line. But nothing appears on the scheduleB

[SusanY1]

It sounds like you are talking about the entry area for on Form 8938.  This is an information only return, and doesn't have any live calculations.  Part of the data reported on the form itself is the line numbers where the income can be found on the Form 1040 and its Schedules. 

You will need to enter the interest in the interest income section of TurboTax for it to calculate in your return properly. 

If you are entering this data somewhere other than the Form 8938 (report of foreign financial assets) section please let us know where you are seeing the questions asking for the form and line numbers.  

[sy-fiolleau]

Hello,

Thank you for your reply.

I entered the interest on one page where it's indeed asked where it should appear:

But still nothing appears in my return. Is it normal?

[sy-fiolleau]

And I tried multiple option of filling this. Filled both Form, line and Schedule, Line, only form, line or only schedule, line

[SusanY1]

This is normal.  That is the entry area for Form 8938, which is an information only document.  It seems like this should be an instruction to the program, but no data on the Form 8938 flows out to other forms, so it isn't a "live" area of the return.   

It is a bit confusing that it asks this here, but it is just to record the answer on that specific form.  When you review your return after it's completed, you'll see where your answer lands - which is Part III of Form 8938.

Return to wages and income, then interest and dividends.  Even though you don't have a "Form 1099-INT", visit that section to enter the foreign interest. 

 

[sy-fiolleau]

Thank you.

I found the form. But that's really strange to fill this form since I shouldn't have to.

[sy-fiolleau]

Also, one of the account from last year as been close how should I indicated it since Turbo tax seems to automatically tick no.

[SusanY1]

If you don't meet the threshold to file Form 8939, you can delete it entirely. 

Here is how:

1. From the left rail menu in TurboTax Online, select Tax Tools (You may have to scroll down on the left rail menu.)
2. On the drop-down select Tools
3. On the Pop-Up menu titled “Tools Center,” select Delete a Form 
4. This will show all of the forms in your return
5. Scroll down to the form you want to delete (Form 8938 in this case)
6. Select the Form
7. Click on Delete. 

[sy-fiolleau]

What is this threshold?

[sy-fiolleau]

It seems I reach the threshold in terms of values not the interests earned. But it seems that it corresponds to the cumulated amount on the foreign account. So I'm above the threshold. However I have one account less than last year. How should I indicate this?

[DaveF1006]

To clarify, what do you mean you have one account less than last year? Do you mean you have an account value less than the reporting threshold?