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):
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.
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):
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.
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.
The availability of form 8938 has been updated from 2/11 to 2/18.
You can monitor when the forms will be available by checking our forms availability page here.
Thanks and you may well be correct, but TT are saying release date will be 2/25/2021.
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
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.
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.
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
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.
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!
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.
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!!!
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.
Actually this seems to be (as first speculated) pure speculation.
here is what i found on the H&R forum.
I have been waiting for 3 weeks for Turbotax to make IRS Form 8938 available. They keep moving the availability date right. So today I tried H&R Block, because they said that it was up and running. When I got to the part in my 1040 where I basically needed 8938 they said that they couldn't actually file it on line with my 1040.
Has anyone actually managed to file on-line that had to submit an 8938, and if so, what software did you use?
Daniel, I used TT with Form 8938 for several years with no problem, always e-filing by end of January, or at the latest 1st week of February (when a W-2 or 1099 isn't available until Jan 31).
This is the first year there's been a delay, and although it's early (not due until April 15), it sure feels late, and like others I'm getting impatient.
I'm considering deleting Form 8938 from my return, filing, and then later filing an amended return. (The return would be accepted; some people file successfully for years without even realizing they're supposed to include Form 8938, then later get hit with a surprise penalty, despite Form 8938 making no difference on dollar amounts - it's just an FYI for the government.) I hesitate because:
- It'd be more work for me,
- It'd be more work for the beleaguered IRS,
- I suspect the finalized Form 8938 would become available as soon as I hit "send," and then I'll regret my impatience.
- I also suspect TT would charge an additional fee for an amended return.
@gardener1 wrote:
Daniel, I used TT with Form 8938 for several years with no problem, always e-filing by end of January, or at the latest 1st week of February (when a W-2 or 1099 isn't available until Jan 31).
This is the first year there's been a delay, and although it's early (not due until April 15), it sure feels late, and like others I'm getting impatient.
I'm considering deleting Form 8938 from my return, filing, and then later filing an amended return. (The return would be accepted; some people file successfully for years without even realizing they're supposed to include Form 8938, then later get hit with a surprise penalty, despite Form 8938 making no difference on dollar amounts - it's just an FYI for the government.) I hesitate because:- It'd be more work for me,
- It'd be more work for the beleaguered IRS,
- I suspect the finalized Form 8938 would become available as soon as I hit "send," and then I'll regret my impatience.
- I also suspect TT would charge an additional fee for an amended return.
Form 8938, Statement of Specified Foreign Financial Assets is scheduled to be available on 02/25/2021 for both e-filing and printing
Go to this website for IRS forms availability - https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html
DoninGA, yes, I'm aware that Form 8938 "is scheduled to be available on 02/25/2021," however, given that it's already been scheduled and then re-scheduled more than once, I think it's apparent that dates are "scheduled" with little objective info to support them.
Ok but like you i think I will wait and see if the forms become available.
Perhaps if they get delayed yet more, I will do as you say.
if my memory serves me correctly your method was at one time the only method available.
I could be wrong (i often am) but I thought the due date of the form was later than April at that time.
I was more concerned that having started this post I did not like the idea of people (not you) ranting and raving, making assumptions and giving out false info.
This problem has nothing to do with anything TT did or did not do. this is all down to the IRS and to be fair they have had a lot of extra work this year with Stimulus payments and such.
Thanks again for adding your information, I am sure people found it usesfull.
I could be wrong (i often am) but I thought the due date of the form was later than April at that time.
It's the FBAR forms that aren't due until June or July. Form 8938 is still due with your normal filing deadline.
Meanwhile, have filled in 8938 and everything is ready to go, but can't file for our federal refund yet (which is much higher than normal due to a 1 time credit) because TT is not up to date.
Thank you for your input, I am also expecting a large refund this year, some one suggested deleting the form but I have reservations about that.
If i answer the TT question about my foreign assets they will want the forms to be filled out so i am not sure TT would let me file without the form.
If i thought it was down to TT I would use a different software, before I do this I want to hear from some one who has successful e-filed.
The forms were only just released today so my thinking is I should give it a day or two before I do anything.
I have my eyes open for updates, but as of a little while ago, still nothing from TT indicating the forms are available.
Likewise, I've considered saying "No" so that the form isn't required, then filing an amendment when the form becomes available. But I don't want to go through the extra admin.
Hey "Expert Helen C12", its now 2/25/2021 and still no Form 8938. What the hell??? I've used Turbo Tax for years and never had a problem with availability of Form 8938 until this year. Come on, I want to e-file my return and get my refund!!!
Seems like the only options are wait for the IRS to release forms or print out the return and mail it.
Are e-files processed much much faster, if the IRS were upfront about when the forms will be released we would be able to make an educated guess of the quickest way to get our refund.
Has anyone tried to print everything and mail it ?
How much longer does it take to get a return from a mailed in return ?