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Generating Form 8938 Statement of Specified Foreign Financial Assets

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Intuit

Generating Form 8938 Statement of Specified Foreign Financial Assets

How do I generate Form 8938?

Solution Description

  1. Go to Screen 82, Foreign Reporting (114, 8938)
  2. Select Statement of Foreign Assets (8938) under Foreign from the left navigation panel
  3. Enter the Description of Asset

For Parts I and V - Foreign Deposit and Custodial Accounts, complete the following information

  1. Enter the following information
    • Type of Account : 1 = Deposit, 2 = Custodial
    • Note:  To pull Financial Institution information from Form 114, use the dropdown field labeled Use financial institution information from Form 114 (Ctrl+T)
  2. Complete the information for Financial Institution Information (if not filing Form 114)
    • Maximum value of account during tax year
    • Name of institution
    • Account Number (MANDATORY for part I)
    • Mailing address of institution
    • City of Institution
    • State/province of institution
    • Postal code of institution
    • Country of institution
  3. Check the box that applies to the asset for Line 3
    • Account opened during year
    • Account closed during year
    • Account jointly owned with spouse
    • No tax item in Part III with respect to this asset
  4. To check Line 5 Yes, check the box Used foreign currency exchange rate to convert value to US dollars,  otherwise, the answer will be No
  5. Enter the following information for Line 6 if 'Yes" is answered on Line 5
    • Foreign currency in which account is maintained
    • Foreign currency exchange rate
    • Source of exchange rate

For Part II, Other Foreign Assets, complete the following information

  1. Enter the Identifying number of other designation (Mandatory for part II)
  2. For Line 3 enter the applicable
    • Date asset acquired during year
    • Date asset disposed of during year
  3. To check the box for Line 3c, select Account jointly owned with spouse
  4. To check the box for Line 3d, select No tax item in Part III with respect to this asset
  5. To check the box for Line 5, select Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  6. Enter the following information for Line 6 if 'Yes" is answered on Line 5
  7. To complete Line 7, enter the following information under Foreign Entity Information (Complete if stock or interest)
    • Name of entity
    • Type of entity (select from drop down box)
    • Mailing address of entity
    • City of entity
    • State / province of entity
    • Postal code of entity
    • Country of entity
  8. To complete Line 8, enter the following information in Issuer or counterparty (Ctrl+E) and click OK
    • Name
    • 1 = Issuer or 2 = Counterparty
    • Select the Type of Issuer or Counterparty from the drop down box
    • 1 = US person or 2 = Foreign person
    • Mailing address
    • City
    • State/Province
    • Postal Code
    • Country

To add additional assets, click Add on the left side of the screen and repeat the applicable steps above

For Part III, Summary of Tax items Attributable to Specified Foreign Financial Assets

  1. Click on 8938 Information from the left navigation panel under the Account/Asset section
  2. Scroll down to the Part III- Summary of Tax Items section
  3. Complete all necessary input fields
    Note- Only one Part III will generate regardless of the number of Form 8938's are entered.  The instructions on Page 7 only indicate to attach multiples for Parts I and II.  Part III should be the summary of all items

The program will generate additional Form 8938's for each Asset or Account added

  1. Go to Screen 60, Foreign Reporting (114, 8938)
  2. Select Statement of Foreign Assets (8938) under Foreign Bank Account (114) from the left navigation panel
  3. Enter the Description of Asset

For Part 1, Foreign Deposit and Custodial Accounts, complete the following information

  1. Enter the following information
    • Type of Account : 1 = Deposit, 2 = Custodial
    • Note:  To pull Financial Institution information from Form 114, use the dropdown field labeled Use financial institution information from Form 114 (Ctrl+T)
  2. Complete the information for Financial Institution Information (if not filing Form 114)
    • Maximum value of account during tax year
    • Name of institution
    • Account Number (MANDATORY for part I)
    • Mailing address of institution
    • City of Institution
    • State/province of institution
    • Postal code of institution
    • Country of institution
  3. Check the boxes that apply to the asset
    • Account opened during year
    • Account closed during year
  4. To check Line 5 Yes, check the box Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  5. Enter the following information for Line 6 if 'Yes" is answered on Line 5
    • Foreign currency in which account is maintained
    • Foreign currency exchange rate
    • Source of exchange rate

For Part II, Other Foreign Assets, complete the following information

  1. Enter the Identifying number of other designation (Mandatory for part II)
  2. For Line 3 enter the applicable
    • Date asset acquired during year
    • Date asset disposed of during year
  3. To check the box for Part VI, Line 3d, select No tax item in Part III with respect to this asset
  4. Enter Maximum value of asset during year for line 4.
  5. To check the box for Line 5, select Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  6. Enter the following information for Line 6 if 'Yes" is answered on Line 5
  7. To complete Line 7, enter the following information under Foreign Entity Information (Complete if stock or interest)
    • Name of entity
    • Type of entity (select from drop down box)
    • Mailing address of entity
    • City of entity
    • State / province of entity
    • Postal code of entity
    • Country of entity
  8. To complete Line 8, enter the following information in Issuer or counterparty (Ctrl+E) and click OK
    • Name
    • 1 = Issuer or 2 = Counterparty
    • Select the Type of Issuer or Counterparty from the drop down box
    • 1 = US person or 2 = Foreign person
    • Mailing address
    • City
    • State/Province
    • Postal Code
    • Country

To add additional assets, click Add on the left side of the screen and repeat the applicable steps above

For Part III, Summary of Tax items Attributable to Specified Foreign Financial Assets

  1. Click on General Information from the left navigation panel under the Account/Asset section
  2. Scroll down to the Part III- Summary of Tax Items section
  3. Complete all necessary input fieldsNote- Only one Part III will generate regardless of the number of Form 8938's are entered.  The instructions on Page 7 only indicate to attach multiples for Parts I and II.  Part III should be the summary of all items

The program will generate additional Form 8938's for each Asset or Account added

  1. Go to Screen 67, Foreign Reporting (114, 8938)
  2. Select Statement of Foreign Assets (8938) under Foreign Bank Account (114) from the left navigation panel
  3. Enter the Description of Asset

For Part 1, Foreign Deposit and Custodial Accounts, complete the following information

  1. Enter the following information
    • Type of Account : 1 = Deposit, 2 = Custodial
    • Note:  To pull Financial Institution information from Form 114, use the dropdown field labeled Use financial institution information from Form 114 (Ctrl+T)
  2. Complete the information for Financial Institution Information (if not filing Form 114)
    • Maximum value of account during tax year
    • Name of institution
    • Account Number (MANDATORY for part I)
    • Mailing address of institution
    • City of Institution
    • State/province of institution
    • Postal code of institution
    • Country of institution
  3. Check the boxes that apply to the asset
    • Account opened during year
    • Account closed during year
  4. To check Line 5 Yes, check the box Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  5. Enter the following information for Line 6 if 'Yes" is answered on Line 5
    • Foreign currency in which account is maintained
    • Foreign currency exchange rate
    • Source of exchange rate
  6. For Part II, Other Foreign Assets, complete the following information
  7. Enter the Identifying number of other designation (Mandatory for part II)
  8. For Line 3 enter the applicable
    • Date asset acquired during year
    • Date asset disposed of during year
  9. To check the box for Part VI, Line 3d, select No tax item in Part III with respect to this asset
  10. Enter Maximum value of asset during year for line 4.
  11. To check the box for Line 5, select Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  12. Enter the following information for Line 6 if 'Yes" is answered on Line 5
  13. To complete Line 7, enter the following information under Foreign Entity Information (Complete if stock or interest)
    • Name of entity
    • Type of entity (select from drop down box)
    • Mailing address of entity
    • City of entity
    • State / province of entity
    • Postal code of entity
    • Country of entity
  14. To complete Line 8, enter the following information in Issuer or counterparty (Ctrl+E) and click OK
    • Name
    • 1 = Issuer or 2 = Counterparty
    • Select the Type of Issuer or Counterparty from the drop down box
    • 1 = US person or 2 = Foreign person
    • Mailing address
    • City
    • State/Province
    • Postal Code
    • Country
  15. To add additional assets, click Add on the left side of the screen and repeat the applicable steps aboveFor Part III, Summary of Tax items Attributable to Specified Foreign Financial Assets
  16. Click on General Information from the left navigation panel under the Account/Asset section
  17. Scroll down to the Part III- Summary of Tax Items section
  18. Complete all necessary input fieldsNote- Only one Part III will generate regardless of the number of Form 8938's are entered.  The instructions on Page 7 only indicate to attach multiples for Parts I and II.  Part III should be the summary of all items
  19. The program will generate additional Form 8938's for each Asset or Account added
  1. Go to Screen 60, Foreign Reporting (114, 8938)
  2. Select Statement of Foreign Assets (8938) under Foreign Bank Account (114) from the left navigation panel
  3. Enter the Description of Asset

For Part 1, Foreign Deposit and Custodial Accounts, complete the following information

  1. Enter the following information
    • Type of Account : 1 = Deposit, 2 = Custodial
    • Note:  To pull Financial Institution information from Form 114, use the dropdown field labeled Use financial institution information from Form 114 (Ctrl+T)
  2. Complete the information for Financial Institution Information (if not filing Form 114)
    • Maximum value of account during tax year
    • Name of institution
    • Account Number (MANDATORY for part I)
    • Mailing address of institution
    • City of Institution
    • State/province of institution
    • Postal code of institution
    • Country of institution
  3. Check the boxes that apply to the asset
    • Account opened during year
    • Account closed during year
  4. To check Line 5 Yes, check the box Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  5. Enter the following information for Line 6 if 'Yes" is answered on Line 5
    • Foreign currency in which account is maintained
    • Foreign currency exchange rate
    • Source of exchange rate
  6. For Part II, Other Foreign Assets, complete the following information
  7. Enter the Identifying number of other designation (Mandatory for part II)
  8. For Line 3 enter the applicable
    • Date asset acquired during year
    • Date asset disposed of during year
  9. To check the box for Part VI, Line 3d, select No tax item in Part III with respect to this asset
  10. Enter Maximum value of asset during year for line 4.
  11. To check the box for Line 5, select Used foreign currency exchange rate to convert value to US dollars.  Otherwise, the answer will be No
  12. Enter the following information for Line 6 if 'Yes" is answered on Line 5
  13. To complete Line 7, enter the following information under Foreign Entity Information (Complete if stock or interest)
    • Name of entity
    • Type of entity (select from drop down box)
    • Mailing address of entity
    • City of entity
    • State / province of entity
    • Postal code of entity
    • Country of entity
  14. To complete Line 8, enter the following information in Issuer or counterparty (Ctrl+E) and click OK
    • Name
    • 1 = Issuer or 2 = Counterparty
    • Select the Type of Issuer or Counterparty from the drop down box
    • 1 = US person or 2 = Foreign person
    • Mailing address
    • City
    • State/Province
    • Postal Code
    • Country

To add additional assets, click Add on the left side of the screen and repeat the applicable steps above

For Part III, Summary of Tax items Attributable to Specified Foreign Financial Assets

  1. Click on General Information from the left navigation panel under the Account/Asset section
  2. Scroll down to the Part III- Summary of Tax Items section
  3. Complete all necessary input fieldsNote- Only one Part III will generate regardless of the number of Form 8938's are entered.  The instructions on Page 7 only indicate to attach multiples for Parts I and II.  Part III should be the summary of all items
  4. The program will generate additional Form 8938's for each Asset or Account added

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