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- Form 8938 - Careful with Transfers From Prior Year
Form 8938 - Careful with Transfers From Prior Year
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GJTT
Level 2
12-04-2025
07:53 AM
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If you filed Form 8938 for the prior tax year and had one or more accounts that were marked as closed during the year, be careful that you haven't lost Part VI "other asset" accounts when transferring to the next year. An example from 2023 to 2024. A deposit account was closed in 2023, and I checked the box for closure. On that same page in 2023 below the deposit account there was an Part VI entry for an "Other Foreign Asset". The 2024 return was missing the entire page, not just the closed account, but the other foreign asset as well. I had to re-enter the other asset manually.
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Just-Lisa-Now-
Level 15
12-04-2025
08:31 AM
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Curious, was that 2023 file transferred into the 2024 program back early in the season or what it just recently transferred? Every year we run across items that are missing from files transferred early (Dec-Jan) in the season.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
