DEALING WITH TURBO TAX FILING INCLUDING FOREIGN FINANCIAL ACCOUNTS AND ASSETS

[ChrisZweigenthal]

I have a number of questions:
1. Is there a live session or is this a direct Q&A to answer questions?

2. I am submitting a joint return for 2022 with my wife via Turbo Tax.  I have to fill in forms 3520, 3520A, 8938, 8621 and 1116 and FBAR.  Questions:

A. It appears that I have to fill in these forms and mail them to the IRS (FBAR to separate Financial Intelligence office).  Turbo Tax asks me for information on interest, dividends, etc.  Is this the 8938 form information (the questions are the same) or do I still have to send in an 8938 form.  

B.  I assume I submit both my wife's forms and my forms together to IRS.

C. Some information may not be available.  Can I submit a covering letter to explain this to the IRS?

D. Can I still submit my Turbo Tax in online and mail the other forms in separately?  Should I make a copy of my Turbo Tax submission and send it in together with the other forms?

E.  I received an extension of time for my Federal and State Tax (NY) via turbo tax submision.  I assume this was transmitted to the IRS and NYS? Would this have happened automatically?

[Holly W]

Hello @ChrisZweigenthal 

Thank you for joining us today, we are so happy you are here!

To answer your first question, this is a live event and a direct Q&A to answer questions in relatively real time.  We are trying to answer the questions as they come.  

I will answer the rest of your questions in a following post.

[VincentL12345]

Answers to your questions:

1. I am sorry but there isn't a live Q&A.

2. It is best to mail all of your documentation to the IRS at one time if that is what is required. This way the IRS will have all the documentation to review and process once received. If it is allowed you can e-file any other returns. 

Forms 3520, 3520A, 8938, 8621 and 1116 and FBAR are regarding foreign accounts and assets. They are required filing if you have foreign accounts and assets.

When you filed the extension for the IRS, it granted an extension for the state also.

[Holly W · Accepted solution]

Hello @ChrisZweigenthal 

To answer your questions!

• I am submitting a joint return for 2022 with my wife via Turbo Tax.  I have to fill in forms 3520, 3520A, 8938, 8621 and 1116 and FBAR.  
  • It appears that I have to fill in these forms and mail them to the IRS (FBAR to separate Financial Intelligence office).  Turbo Tax asks me for information on interest, dividends, etc.  Is this the 8938 form information (the questions are the same) or do I still have to send in an 8938 form.   
    • A:  Form 8938 is filed with your individual tax return Form 1040, along with Form 1116.  Form 8938 does ask about foreign interest and dividends.  I'm not 100% certain where you are in the TurboTax interview, but I can tell what the form is asking for.  My assumption is they are probably the same, as Form 8938 is filed with your tax return.
  • I assume I submit both my wife's forms and my forms together to IRS. 
    • A:  You would fill out a joint Form 8938 for both you and your wife if you are filing Married Filing Joint.
  • Some information may not be available.  Can I submit a covering letter to explain this to the IRS? 
    • A:  It is preferable to file when you have all the information needed.  Do you know what forms might not have all the information?  Do you know when all the information will be available?  
  •  Can I still submit my Turbo Tax in online and mail the other forms in separately?  Should I make a copy of my Turbo Tax submission and send it in together with the other forms?
    • A:  As mentioned earlier, The following forms are filed with your Personal Tax Return Form 1040- Form 8938 & Form 1116.  All other forms should be mailed to the address listed in the instructions.  Form Forms 3520 & 3520-A, have to deal with Trusts, I am not sure your filing requirements with trusts are, but here is are the instructions for both:
      Form 3520 & Instructions 
      Form 3520-A & Instructions 
      Form 8621 is an information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund and is not filed with the Federal 1040.  Please see the instructions Here.  
      Please only send the forms requested per instructions.
• I received an extension of time for my Federal and State Tax (NY) via turbo tax submission.  I assume this was transmitted to the IRS and NYS? Would this have happened automatically?
  • A:  Do you mean you sent the extension through TurboTax online?  if you followed the interview screens until the very end, and received some notification that it was accepted, you should be good.  If you need to confirm, it should show on your Tax Home screen or you can call TurboTax Live and one of our agents can confirm that for you.
    

I hope I answered all of your questions and if you have any further questions or need clarification, please let me know!