Turbo tax says Form 8938 has not been approved

[Asking4Me]

Hi

I am a TT newbie and am glad I saw this thread before starting a new one along the same lines.

For Tax Seasons 2014 through 2018 (5 years) I did tax preparation with H&R Block so was able to do our MFJ tax return using the "HRB Office" software and eFiled.

With Covid last year I did not do the 2019 Tax Season and used the H&R Block online software at home but that does not even have the option to complete the Form 8938 online and then eFile, you have to download from the IRS website and file the complete Tax Return in Paper format which we did early April 2020 and finally had our Tax Return finalized by the IRS in January 2021.

I really would like to eFile the Tax Return AND the Form 8938 but the H&R Block software still disallows it so wanted to check the situation with TT before progressing to signup for the TT Deluxe software.

So my question is , and thanks for your patience if you are still reading, does the TT Deluxe software support downloading and completing the latest Form 8938 version online and subsequently enables a successful eFile of the complete Tax Return?

My regards

Tony  

[gardener1]

"...does the TT Deluxe software support downloading and completing the latest Form 8938 version online and subsequently enables a successful eFile of the complete Tax Return?"

Yes.  I efiled on Feb 26, and my refund was direct deposited today.

[DoninGA]

@Asking4Me The TurboTax Deluxe online edition supports the Form 8938 for both e-filing and printing for mailing.

[gardener1]

Oops, I have Premium, not Deluxe.  Premium definitely handles Form 8938.  I don't know about Deluxe.

[Asking4Me]

Hi,

As it is raining here I am just literally starting my journey with TurboTax and have selected the Premium software as that was the option for the selection of other tax components. Thanks for your help, much appreciated.

My regards

Tony 

[toshiok]

I am in the same situation. After "jump to 8938", I filled out the form but I could find what I filled out on the TT online version. Where can I review the foreign bank accounts information?

[Asking4Me]

Hi,

I used the Premium software as that was required for my tax return so not sure what you are using, however you will probably have seen that as you complete each section of your tax return (for example Income or Credits), TT displays a summary of what you have submitted. 

For the Form 8938 that summary basically just lists the accounts you have added to the Form.

I think what you would like to see from your question is what the actual Form 8938 looks like as part of the tax return?

It is not the simplest of things to find on TT but with a little playing around you can see the actual completed 1040 tax return as you progress through to completion, this will include the Form 8938. To get to that point you need to:

View a Tax Summary (Overview) of Your In-Progress Return

1.    Select Tax Tools, and then Tools.

2.    On the Tools Center screen, select View Tax Summary.

Good luck. 

[jackpot1]

Hello, I am using the online version. I have finally been able to get my information for Form 8938 to save after months of trying and I saw the form in the Pdf of my return. Hallelujah. I continued on checking my return and then went back to the print center to look at the final return again before e-filing and form 8938 disappeared! I had to re-enter all my information again. This has happened a few times to a point I am nervous as to whether TT will file correctly. Anyone else have this problem with form 8938? How do I make sure form 8938 sticks? Very frustrated with TT this year. Thank you! 

[Cynthiad66]

TurboTax will fil out Form 8938, Statement of Specified Foreign Financial Assets, for you and attach it to your return, if required. 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. If any of these situations apply to you, Form 8938 isn't required and would not be attached.

In addition, if you filed Form 3520, 3520-A, 5471, 8621, or 8865 in 2020, you do not need to report the same information on 8938.

Lastly, there are aggregate value thresholds that may apply. Per the IRS, you would only need to file Form 8938 if: 

• Unmarried taxpayers living in the US: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year
   
• Married taxpayers filing a joint income tax return and living in the US: The total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year

Per @LenaH

[skarskar]

Much like others. I had to file 8938 over and over. It's definitely broken this year.

Even after that it's not included in final filing using online TT. I compared with previous filings and it's definitely included. 

What am I doing wrong?

[skarskar]

Also using Premier version, still dont see 8938 after filling in the info. 

[skarskar]

I looked at multiple threads and finally figured out. 

1. Do NOT use jump to 8938 option. It resets the form.

2. Instead use Other Tax Situations, and Prepare a report on foreign financial assets.

3. Confirm pdf shows under Tax Tools - Print Center

TurboTax should fix this really. For something owned by "intuit" this was non-intuitive.

[uschramm]

Anyone here any luck with 8938? I submitted my return couple month back and notices the forms were not included. Today, I filed an amendment and 8938 was again not included. The information I entered has been removed from TT.

[uschramm]

When i filled it out it was not included in my return.

Did you actually get it submitted?

[uschramm]

Were your forms included in the return? I did an amendment today and they are still not in the final PDF.