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UKDaniel
Level 3

Turbo tax says Form 8938 has not been approved

Turbo tax says Form 8938 has not been approved do not file, No update yet available so what to do ?

1 Best answer

Accepted Solutions
HelenC12
Employee Tax Expert

Turbo tax says Form 8938 has not been approved

Per the Forms Availability FAQ, Form 8938, Statement of Specified Foreign Financial Assets, is scheduled to be finalized on 2/11/2021, which is one day before the IRS starts accepting tax returns. 

 

To get to the 8938 section in TurboTax (requires Deluxe or higher):

  1. Open or continue your return if you're not already in it.
  2. Search for 8938 and select the Jump to link at the top of the search results.
  3. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
  4. Answer yes or no to living in a foreign country, and select Continue.
  5. Answer yes or no to amount of foreign financial assets, and select Continue.
  6. Carefully follow the instructions. If you need Form 8938, we'll fill it out for you.

Tip: Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. Form 8938 isn't required in these situations.

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62 Replies
HelenC12
Employee Tax Expert

Turbo tax says Form 8938 has not been approved

Per the Forms Availability FAQ, Form 8938, Statement of Specified Foreign Financial Assets, is scheduled to be finalized on 2/11/2021, which is one day before the IRS starts accepting tax returns. 

 

To get to the 8938 section in TurboTax (requires Deluxe or higher):

  1. Open or continue your return if you're not already in it.
  2. Search for 8938 and select the Jump to link at the top of the search results.
  3. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets
  4. Answer yes or no to living in a foreign country, and select Continue.
  5. Answer yes or no to amount of foreign financial assets, and select Continue.
  6. Carefully follow the instructions. If you need Form 8938, we'll fill it out for you.

Tip: Foreign real estate isn't considered a foreign financial asset, nor are foreign investments (if owned through a U.S. brokerage or listed on a U.S. exchange) or money in a foreign branch of a U.S. bank. Form 8938 isn't required in these situations.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"
UKDaniel
Level 3

Turbo tax says Form 8938 has not been approved

OK thankyou, I did try to file anyway but TT just told me to wait until the form was up dated, When it gets updated will I then have to fill out info for all my 7 accounts all over again. ?

Or will TT take the info from the old forms ?

I think I will print out all the old forms just in case, At least I will have the all info close to hand.

Richard123456
New Member

Turbo tax says Form 8938 has not been approved

The availability of form 8938 has been updated from 2/11 to 2/18. 

CarissaM
Employee TurboTax Specialist

Turbo tax says Form 8938 has not been approved

You can monitor when the forms will be available by checking our forms availability page here

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UKDaniel
Level 3

Turbo tax says Form 8938 has not been approved

Thanks and you may well be correct, but TT are saying release date will be 2/25/2021.

LinaJ2020
Expert Alumni

Turbo tax says Form 8938 has not been approved

As of today, the Form 8938 is not available for e-file until 2/25/2021.  To check forms updates, click here: Forms availability  

 

A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than the appropriate reporting threshold.  For details, click here: https://www.irs.gov/instructions/i8938

 

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taxlady4
Level 3

Turbo tax says Form 8938 has not been approved

TurboTax have delayed release of form 8938 FOUR times. First published Feb 11 release, then Feb 18, then Feb 22, now Feb 25. Maybe they'll release it on April 16 so we can efile. The excuses are ridiculous -- they've had the form from the IRS for MONTHS, and have depriortized sending their code to the IRS for approval. In other  words, they just don't care that you can't efile your taxes. Furthermore, they'll pad this community site with *(&#* making it sound like it's the IRS's fault and recommending that we file paper instead of efile (duh, why did we buy the product in the first place), when they simply haven't done the coding yet.  Get TaxAct next year if you want to efile. 

taxlady4
Level 3

Turbo tax says Form 8938 has not been approved

Changed it again from 2/22 and then to 2/25.  They'll just keep changing it until it's 04/16. They need a new scrum master, or something else.

LinaJ2020
Expert Alumni

Turbo tax says Form 8938 has not been approved

The forms are available if you are going to download on the IRS website.  However, e-filing is different.  Once the form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability.  IRS then has to approve it for e-file.  It always takes a little longer for a form to become available for e-file in a software program.  I hope this helps you understand the situation.  At this point, the IRS expects to approve the form 8938 on TurboTax e-file as  02/25/2021.  

 

A Form 8938 is used when you have specified foreign financial assets and the total value of all the foreign assets in which you have an interest is more than the appropriate reporting threshold.  For details, click here: https://www.irs.gov/instructions/i8938

 

 

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taxlady4
Level 3

Turbo tax says Form 8938 has not been approved

LinaJ2020 from Intuit, if you read the thread, your colleague already cut and paste the same nonsense, and the comment you replied to was my response to why that was complete nonsense.  It's a little passive aggressive to repost the same useless information.  Your customers paid for your software so they could efile, and blaming the IRS because you haven't updated form we need and telling us NOT to efile is insulting.

laura42
Level 3

Turbo tax says Form 8938 has not been approved

I am also very upset with turbo tax this year!  I have filed with them for the last 10 years and form 8938 has always been available to efile by tax time.  There has been NO changes to the form at all!  So there really is NO excuse to not have the form available!  I believe this falls totally on turbo tax!  And they need to get their act together.  I paid for the software and I can’t file without it!  Not only that I owe money, so this is costing me a lot of money!  I’m ready to file a formal complaint against them and am gonna contact the IRS directly about it, since turbo tax is not being transparent with the problem!  Just copy and paste messages!

UKDaniel
Level 3

Turbo tax says Form 8938 has not been approved

People are speculating here, has anyone tied a different Tax filling software to see if the forms are available for filling though them ?

Or has anyone printed out their returns and tried to file via a tax filing service on the high street. ?

Me thinks if TT could release the forms they would do it asap.

 

 

 

taxlady4
Level 3

Turbo tax says Form 8938 has not been approved

Yes, I did.  As I commented earlier, the form has been released to the software companies MONTHS AGO.  And why would we want to file via paper WHEN WE BUY AND PAY FOR electronic filing!!!

UKDaniel
Level 3

Turbo tax says Form 8938 has not been approved

I assumed that if some one was desperate to file asap and had found away to do so, they might like to share how they did it. So you are saying that if I go out and buy a copy of H &R or taxact or what ever i would be able to file get my tax refund, pay off my debts and avoid bankruptcy, horray! 

thank you so much.

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