Turbotax unable to enter 8938 info

[Anonymous]

I got to the 8938 section by doing the search and jump to functions but no matter how many times I entered the info into 8938, the system is just not picking it up and refuse to save what I entered on 8938.  Every time I go back to the form, it's blank and it's saying the default that I don't have foreign accounts to report. 

When I did the "print" function to review the return, I also don't see 8938 in there.

thanks!

[LinaJ2020 · Accepted solution]

In order to assist you, I would like to take a look at your program to see what's going on, if that's okay with you.  This is called a diagnostic copy request. To send me a copy, here are the steps you would need to take on your end:

In TurboTax online,

• Sign in to your account, select Pick up where you left off
• To your left, select Tax Tools, click on the drop-down menu
• Select Tools
• On the Tools Center screen, select Share my file with Agent ( the very last option)
• Follow prompts
• You will be given a token number
• Please provide me with that token number.  ( For security purposes, your personal information will not be revealed)

[Anonymous]

774866

thanks!

[LinaJ2020]

I have already submitted for further investigation.  Thank You for your patience. 

[LinaJ2020]

You will need to specifically enter info in the Form 8938 section.  You only seem to have entered the interest on your foreign account.  Here are the steps:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• Follow prompts
• On-screen, "Amounts Related to Foreign Financial Assets", enter information

If you live in the US and meet one of the following criteria, you would need to file a Form 8938.  

• Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
• Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

For more information, click here: https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

@Anonymous

[Anonymous]

I have entered the complete info at least 5 times; the last time I did it I only entered interest because I was exhausted and just wanted to check.  Those 5 times, I entered everything and got to the question where it asks you - do you have any OTHER financial assets to report, which I answered no; and then it asks did you sell any stocks, bonds... and I said no.  in those cases, system did not save my 8938 info.

[Anonymous]

so I know for a fact that it's not because I did not enter complete info.  something else going on there. 

[LinaJ2020]

I have looked at your tax file.  After I entered the information under "Foreign Account", the program generated a Form 8938.  Please make sure to update the program by following these steps:

• If you are using the TurboTax CD/Download software program, open TurboTax and select "Check for Updates" from the "Online menu" near the top.
• If you are using the online version, it's an automatic update when you sign in and out. 

Let's double-check the entries:

In TurboTax online,

• Sign in to your TurboTax account and select Pick up where you left off
• At the right upper corner, in the search box, type in "foreign assets" and Enter
• Select Jump to foreign assets
• On screen, " Foreign Financial Assets", select Yes, I have foreign financial assets and No to living in foreign country
• Next screen, "About the Amount of Your Foreign Financial Assets", select Yes to total value is more than $50,000 or 75,000
• Follow prompt
• Next screen, "Amounts Related to Foreign Financial Assets", enter your amounts
• Follow prompts
• Next screen, " Do You Have a Foreign Financial Account to Report?", select Yes
• Follow prompts
• On screen, " Do you Have any Other Foreign Financial assets to Report?" select No.
• Follow prompts.

@qyz891023

[Anonymous]

I did everything you asked and tried 3 different browsers, none worked.

could someone call me to walk me through?  this is very frustrating.

[LinaJ2020]

I wish I could call and walk you through, but I am not allowed to. 

To resolve this, you will have to use TurboTax Live.  See link here: TTLive

TurboTax Live is an online product that lets you get help and guidance from a tax expert when preparing your taxes. When you use TurboTax Live, you can work with a tax expert whenever you need assistance. You can even talk to a tax expert live while you both look at your return.