I filed form 3520 recently by mail. When I entered information in Turbo Tax to file my return, I ticked the 3520 checkbox to indicate I have the form in my return. So, it does not allow me to e-file even though the physical form is not in my Turbo tax filing.
I think this is a problem in Turbo tax that it assumes the presence of 3520 means you cannot e-file. Can I uncheck the 3520 box without problems since the form 3520 is independent of your tax return? Would it cause an issue if the IRS is not able to match the checked entry with the actual form that was sent separately?
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TurboTax does prevent e-filing when you indicate that you have a Form 3520 (even though the unsupported form would not go with the tax return).
Form 8938 provides an option to let the IRS know that you have reported certain assets on Form 3520 so that you do not have to duplicate your efforts on Form 8938, so it's an important indicator.
If you prefer to e-file your return, my recommendation would be to list the account(s) that are on the 3520 again on the 8938 since you can't e-file with an indicator that the IRS should look to the other form for the data.
I had the same issue. I had never been a problem in the prior years until a recent update to my desktop version. This is a Turbotax software bug - checking the box for 3520 doesn't mean 3520 will be e-filed together with 1040; it just indicates on 8938 that a 3520 form will be filed with the IRS (by post).
Please fix this bug in your next version. Or I will have to switch software.
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