Drake Tax - Form 8938 - Statement of Specific Foreign Financial Assets
Article #: 16949
Last Updated: October 21, 2024
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.
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EF Message 5978
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Solution: Return to data entry and enter a valid address on either screen FRGN or CO38.
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EF Message 1471
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Solution: Return to data entry and enter a valid address on screen FRGN.
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EF Message 6057
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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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