Form 8938 - The "More Info About Your Account" screen

[Josefh]

Hello! What should one do if he/she is not sure if one particular foreign financial account did or did not have income, deductions, or credits associated with it in 2024? Should he/she leave the checkbox unchecked or check the checkbox on the "More Info About Your Account" screen in this case? Thank you!

[DaveF1006]

If you're unsure whether a particular foreign financial account had income, deductions, or credits associated with it in 2024, it's generally best to err on the side of caution. Here are a few steps you can take:

1. Review Account Statements: Check the account statements for any transactions that might indicate income, deductions, or credits. This can help you determine if the account had any reportable activity. 
2. Check the Box: If you have any reason to believe that there might have been reportable activity, it's safer to check the box. This ensures that you're not inadvertently omitting any required information.
3. Document Your Decision: Keep a record of your decision-making process and any supporting documentation. This can be helpful if you need to explain your choice to the IRS later on.

[Josefh]

Hello, Dave ! Thank you so much for your detailed response - I really appreciate it 🙏