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The total value of my specified foreign financial assets does not exceed $49,000 during the tax year. You do not have to file Form 8938. You do not satisfy the reporting threshold of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
If you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired.
To get to the 8938 section in TurboTax, refer to the following instructions: Open or continue your return if youre not already in it. Search for 8938 and select the Jump to link at the top of the search results. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of financial accounts include: Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
You can fill out a physical copy of Form 8938 and mail it with the rest of your tax return and tax payment by the annual federal tax filing deadline. You can also e-file it with the rest of your electronic tax return.
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People also ask

In general, Form 8938 penalties will be $10,000 per year. Unlike the FBAR penalties, there has been no indication that the Internal Revenue Service plans on seeking penalties against Taxpayers based on each specific asset reported, as opposed to a per form violation but you never know.
Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayers annual income tax return.
A financial asset that is reported on Form 8938 (FATCA) does not necessarily need to be reported on your FBAR form and vice versa.
Certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified foreign financial assets (specified domestic entities) must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or
More In File Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayers annual income tax return.

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