8938, 3520, and Turbotax

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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3520woes
Posts: 5
Joined: Thu Sep 27, 2012 4:25 pm

8938, 3520, and Turbotax

Post by 3520woes »

I've noticed that after I went through the foreign financial assets interview in Turbotax, Turbotax insists on filling out 8938 Part I, line 5, and Part II, line 3, with "no". This is happening even though the IRS instructions technically say you should fill out *only* Part IV and your name/SSN if you are someone who files the other informational forms (like 3520) and don't have any foreign assets outside those forms. If you try to override Turbotax and leave these cells blank it won't let you e-file. (These are questions asking you whether you've closed any foreign accounts or acquired or sold accounts in the past tax year.)

How are you guys dealing with this? Paper filing? Not worrying about it and just letting Turbotax do its thing? I'm honestly not sure which is the best way to go here. These questions are new to the 2013 8938 so I've never had to deal with it before. Would appreciate any informed advice.
fifagamers
Posts: 3
Joined: Mon Mar 31, 2014 2:46 am

Post by fifagamers »

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