Can you transfer the data between the FBAR and Form 8938?

Forum|Forum|6 years ago
December 7, 2019
3 replies
17 views

No text available

ProSeries Professional

This topic has been closed for replies.

Best answer by itonewbie

I don't use PS but doubt so since the nature of reporting and the types of accounts and levels of details reportable are different between the two forms although there are some overlaps.

Even on the organizer, it is difficult to conceive how you could gather information for both forms in the same section - I have only seen one organizer that tries to do that but it's overly complicated, even for experienced tax pros, and that could only increase the chance of costly mistakes being made when it comes to FBAR and FATCA compliance.

itonewbieAnswer

Level 15

I don't use PS but doubt so since the nature of reporting and the types of accounts and levels of details reportable are different between the two forms although there are some overlaps.

Even on the organizer, it is difficult to conceive how you could gather information for both forms in the same section - I have only seen one organizer that tries to do that but it's overly complicated, even for experienced tax pros, and that could only increase the chance of costly mistakes being made when it comes to FBAR and FATCA compliance.

---------------------------------------------------------------------------------Still an AllStar

IRonMaN

Level 15

No.

Slava Ukraini!

G

GJTT 11

Level 3

This would be an important improvement for preparers who prepare multiple FBARs and Forms 8938 each year. There is at least one major tax software product that does allow data transfer. Items like bank name, address, account number, and even maximum balance should easily transfer.

Sign up

Login with SSO

Let's get you signed in

Login with SSO