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16949: Form 8938 - Statement of Specified Foreign Financial Assets


1040 Individual Data Entry

How do I get information into each section of Form 8938? What are some of the most common EF messages related to Form 8938?

 Form 8938 picks up information from not just the type of return that it is created it, but also from screen 1, as well as screen FRGN, screen 8938 and screen CO38.  Below you will find a break down of the necessary screens that need to be completed in order to fill out each part. For more information, please see Form 8938 Instructions

SECTION/LINE DESCRIPTION POINTS OF POSSIBLE DATA ENTRY IN DRAKE TAX
Lines 1 & 2 Name and Taxpayer Identification Number Screen 1
Lines 3 & 4 Type of Filer These are generated based on the type of return Form 8938 is created in.
Part I Foreign Deposit and Custodial Accounts Summary Screen FRGN*
Part II Other Foreign Asset Summary  Screen CO38*
 Part III Summary of Tax Items Attributable to Specified Foreign Financial Assets Screen 8938
Part IV Expected Specified Foreign Financial Assets Screen 8938
Part V Detailed Information for Each Foreign Deposit and Custodial Account Included in the Part I Summary Screen FRGN** 
Part VI Detailed Information for Each "Other Foreign Asset" Included in the Part II Summary Screen CO38**
*If there are multiple copies of the same screen used, then the cumulative totals will be displayed.
**Lines 5 & 6 Populate only if the Foreign Currency section of the FRGN section is completed.

Common Messages

 EF Message 5978 states: 

INVALID ADDRESS ON FORM 8938: An invalid U.S. or foreign address has been entered for Form 8938. A valid U.S. address, if applicable, contains the street address, city, state, and ZIP code. The ZIP code must contain either five or nine digits. A valid foreign address contains the street address, city, and country. Return to data entry and enter a valid address on either screen FRGN or CO38. 

Solution: Return to data entry and enter a valid address on either screen FRGN or CO38.

 

EF Message 1471 states: 

INVALID FINANCIAL INSTITUTION ADDRESS: A valid foreign address is required on screen FRGN. A valid foreign address contains the street address, city, country, and a valid postal code. If the country entered is "CA (Canada)" or "MX (Mexico)", a two- or three-character state/province abbreviation is also required. The screen help on screen FRGN lists the valid abbreviations. If the foreign address is a U.S. Territory such as, Puerto Rico, Guam, American Samoa, the Northern Mariana Islands, or the Virgin Islands, the appropriate U.S. ZIP code must be entered in the postal code field. The ZIP code must contain either five or nine digits. If a nine-digit ZIP code is entered, it cannot end with "0000" or "9999."

Solution: Return to data entry and enter a valid address on screen FRGN.

 

EF Message 6057 states: 

MISSING ACCOUNT TYPE ON FORM 8938: A "Type of account" selection has not been made on screen FRGN for Form 8938, Part V. Return to screen FRGN. If either "8938" or "Both" is selected from the "Account is for" drop list at the top of the screen, you must choose either "Deposit" or "Custodial" as the "Type of account" in the Form 8938 section at the bottom of the screen.

Solution: Return to data entry screen FRGN and if either "8938" or "Both" is selected in the "Account is for" drop list, at the bottom of the screen in the "Type of account" choose either "Deposit" or "Custodial".


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