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Get Form 8938 Turbotax
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How to fill out the Form 8938 Turbotax online
Filing the Form 8938 is essential for reporting certain foreign financial assets to the IRS. This guide provides a clear step-by-step approach to help users efficiently complete the Form 8938 using Turbotax online.
Follow the steps to fill out Form 8938 online effectively.
- Press the ‘Get Form’ button to retrieve the Form 8938 and access it for editing.
- Identify and provide your personal information in the designated fields, including your name, address, and taxpayer identification number.
- In Part I, report all foreign bank account information, ensuring to include account numbers and financial institutions.
- Proceed to Part II to list other foreign financial investments, such as stocks or partnerships, even if they are not bank accounts.
- For taxpayers required to file Forms 3520, 5471, or others, complete Part IV as a checklist instead of Part II.
- In Part III, indicate the types of foreign income you received, including amounts and the corresponding reporting details on your tax return.
- Review all entries for accuracy, save your changes, then download, print, or share the Form 8938 as needed.
Complete your Form 8938 online today to ensure compliance with IRS regulations.
The penalty for failing to file Form 8938 is USD 10,000, with an additional penalty up to $50,000 for continued failure to file after IRS notification. A 40% penalty on any understatement of tax attributable to non-disclosed assets can also be imposed and special statute of limitation rules apply.