Used to fill form 8938 for foreign accounts based on value. In 2025 because value is less Turbotax is asking to delete forms 8938. Should I?

[vident]

I used to fill form 8938 for my foreign accounts as the value was more than 150k USD throughout the year and also more than 100K USD at the end of the year. In 2025 the value is lesser than both limits. Turbotax suggests to remove forms 8938. Should I remove the forms?

Would sudden removal of the forms subject me to an audit, likely? 

[Karis_F]

Yes. You can delete Form 8938 from your tax return if you are under the required reporting thresholds for the 2025 calendar year.

Here is an IRS article about Form 8938, Statement of Specific Foreign Financial Assets that discusses the filing requirements. 

The filing requirements are based on the aggregate value of your specified foreign financial assets and the reporting thresholds, which vary by filing status and whether or not you live in the US.

[vident]

Thanks. I realized I was in the same situation last year and posted the same question. Then an expert suggested to continue to file 8938 as he said that it doesn't hurt but if not filed it could require questions to be answered by IRS and penalty for not filing is very high.  I have been filing for many years, but balances have been decreasing and 2024 was the first year when they dipped below. Last year I did file the 8938s though I was not required to based on the comment.

I understand that as per the requirements, I do not need to file as I am below both the thresholds of married filing jointly. And going forward, will likely remain below the thresholds.

Thanks for confirming that I can stop now. I will have to file the FBARs still.