Do I need to file 8938 as well?

[pv999]

I am a US citizen who received a $250K gift from my mother who is NOT a US Citizen. This gift money was wired to my foreign bank account and from there I wired it to my US bank account. This is the first time that my foreign bank account has exceeded $10K and hence I will be filing the FinCen. Also, in order to report the gift money I will file 3520 as well.
My question is, do I need to file 8938 as well? TurboTax is telling me that if I am filing 3520 then I do NOT need to report the same accounts or assets on 8938. While this may sound self explanatory, I would feel much better if I got a confirmation from one of the resident experts out here. Thanks in advance.

[MaryK4]

Please clarify WHERE you saw TurboTax saying you do not need to file the 8938 if you file a 3520.  

You need to file Form 8938 if any of the following are true:

- You're living in the U.S. and are not married filing a joint return and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

- You're living in the U.S. and are married filing a joint return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.

- You're living abroad and are not married filing a joint return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.

- You're living abroad and are married filing a joint return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
 

[pv999]

@MaryK4 

It is stated when you are working on : 1099-OID, Foreign Accounts

Also, here's what's stated on the IRS website for 8938 instructions:

If you are required to file a Form 8938 and you have a specified foreign financial asset reported on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938.  However, you must identify on Part IV of your Form 8938 which and how many of these form(s) report the specified foreign financial assets. 

So as per the above, I did enter a '1' for 3520 while working through  1099-OID, Foreign Accounts section.

[MaryK4 · Accepted solution]

Thank you for the clarification, I just wanted to make sure TurboTax did not make a bad reference- as you said there still needs to be a 8938 filed, it just does not need the same information.  If you indicated to add the information so the 8938 is filed, you do not have to complete the rest!  @pv999 

[Mrt2024]

I believe 3520 is for reporting and not part of the Tax Returns; that is why it is not included in TurboTax. However, you should just fill 3520 and send separately by mail to the address on the form around the same time you file your taxes, because that money was, even if briefly, was in your account.