Hello,
I have signatory authority over more than 50 foreign countries and need to enter all of these on form 8938, but it appears the maximum allowable amount in Turbotax is 25. I am able to enter everything initially, but when checking later, all countries after line 25 are automatically removed. Could you help me understand how to add more than 25, or is there a workaround? Or do I need to fill out a different form?
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@Nxf419 In order to enter over 25 foreign accounts you will have to paper file the return. And you will have to go through a pretty tedious process.
You need to enter the first 25 accounts. Then print form 8938 showing those 25 entries. Then delete them all and enter the other 25. Then print those 25. Then enter into form 8938 an aggregate number for al 50 so that the total for all 50 shows up in the return. Then print the return and insert all of the correct 8938s so that all of the accounts are listed properly. The IRS still requires all of these accounts to be listed individually and doesn't offer any exceptions.
Here is the IRS's statement on form 8938
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