Form 8938 - Part 5 - Limit of account numbers.

[MJ Sally]

For form 8938, part 5, is there a limit in Turbotax on how many account numbers that I can enter? In the IRS instructions for Form 8938 part 5, is says this If you have more than one account to report in Part V, attach a separate statement for each additional account. See instructions?

My wife and I have about 30-40 accounts because a lot of them are closed and open. We want to make sure that there isn't any issues once we are about e-file. We don't want to experience any glitches, etc.

Thank you.

[DaveF1006]

 Yes, when you read the instructions for Form 8938 for Part V,  "if you have more than one account, attach an additional statement with the required information for each additional account and check the box at the top of page 1 of the form". Read Part V of the instructions carefully. Make sure you report all of the accounts the way the instructions state for lines 21-28. This includes all closed accounts that were opened during the year.

If you have a written attachment to an account, you won't be able to electronically file. You will need to print and mail your return.

[MJ Sally]

@DaveF1006 

Thank you for your reply.

I'm not going to do an attachment because I want to E-file.

I'm just wondering if you know if Turbotax can handle adding 40+ bank accounts in Part V. I already added 10+ bank accounts by clicking on "add another financial bank account", but I'm not sure if there will be a glitch or not. Do you know if I can do this in Turbotax and efile without any issues? 

Thanks again.

[DaveF1006]

No. IRS wants information on each foreign account you own. I don't know how many accounts can be handled in this manner. ‌My suggestion is to add as many accounts as Turbo allows. If it reaches a limit, then you will need to attach a separate statement listing each account as the instructions for Form 8938 dictate. This may mean filing by mail.