About form 8938

[vident]

I have been filing forms 8938 for several years under the condition posed by Turbo Tax that foreign assets were over 150K at some point in the year or above 100K at the end of the year.

This year (2024) however, both conditions are not true as the value of the foreign assets have reduced as several accounts were closed in 2024. Should I just delete the forms from the 2024 return (as Turbo tax recommends) or still fill the forms identifying the accounts that were closed? 

Someone recommended that I should file the forms to identify the closed accounts as otherwise I may get a query from IRS on what happened to the forms. Is that your recommendation, even though the max amount when totaled will be less than 150k.?

[ThomasM125 · Accepted solution]

I would recommend you file the report to be on the safe side, as the penalties for not filing can be severe.