Generating Form 8938, Statement of Specified Foreign Financial Assets, in ProConnect

How do I generate Form 8938?

1. From the Input Return tab, go to Miscellaneous Forms ⮕ Foreign Reporting (114, 8938) ⮕ Statement of Foreign Assets (8938).
2. 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 - Line 1
   • Account Number (MANDATORY for part 1) - Line 2
2. 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
3. For line 4, enter the Maximum value of account during tax 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. Complete the information for Financial Institution in which Account Maintained
   • Name of institution
   • Mailing address of institution
   • City of Institution
   • State/province of institution
   • ZIP code of institution
   • Country of institution

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 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. Enter the maximum value of asset during tax year for line 4.  The program will check the applicable box or boxes based on this entry.
6. 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.
7. Enter the following information for Line 6 if 'Yes" is answered on Line 5.
8. 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)
   • To designate that the entity is a PFIC, check Entity is a PFIC
   • Mailing address of entity
   • City of entity
   • State / province of entity
   • ZIP code of entity
   • Country of entity
9. 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
   • ZIP code
   • Country

To add additional assets, click the + icon in the tab at the top of the screen to add an additional input screen and repeat the applicable steps above

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

1. From the Input Return tab, go to Miscellaneous Forms ⮕ Foreign Reporting (114, 8938) ⮕ Statement of Foreign Assets (8938).
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.