# How/where to indicate, a FACTA 8938 form is amended



## Ken12 (Oct 2, 2021)

Hi all,

A mistake was found on my 1040 form, which will require past 1040, FBAR and FACTA forms to be amended to keep all in sync. 

While the FBAR form has a box to tick (amended), there is *no place on the FACTA 8938 form to identify this is an “amended” form. *

I have talked to few accounting firms (who want business), looked at the IRS instruction form and searching of the web. The result is mixed outcomes, no direction, heightened confusion and more stress. e.g.

* One accounting firm indicted*, the IRS "14653" form i*s where you identify this (a*nd included 8938 & past 1040 forms*). As the 14663 form pushes you in to the Amnesty program and the form is complicated and subjective (you plead your case/reason), this may influence mistakes to be made (firm will only advise), which adds to the risk. 

* Another firm indicated to use the *1040-X* and in*clude the past 1040 and the 8938 form.*

* Another firm indicated only need to do the *FBAR/FACTA and 3 years of 1040 retur*n, as mistake does not suggest anything illegal or a willful violation

* In looking at the* IRS instruction *on the 8938, amendment considerations appear to *only relate if you have “not” filed a 8938 form* for that tax year which the 1040 is being amended. It does not speak to amending existing 8938 forms that are already filed/accepted.

Thanks in advance 

Cheers,

Ken


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## Bevdeforges (Nov 16, 2007)

First of all, it's FATCA (think "fat cat" and then drop the final T). Don't mean to be pedantic about it, but it's a personal "thing" for me. <g>

OK, if you're talking about a mistake made specifically on a past year's returns, the appropriate form is the 1040-X (and honestly, I'd only mess with that if the mistake results in a change in how much you do or don't owe for that year). All that nonsense about "three years' back filing" or form 14653 relate to the Streamlined Compliance procedure - which you use if you haven't been filing taxes and "suddenly" discover that you should have been doing so.

If your "mistake" relates only to the 8938 form, with no effect on your taxes owed or due, I'd just correct it going forward on your next tax filing. But if you are filing the 1040-X, just include the amended 8938 in the corrected filing.


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## 255 (Sep 8, 2018)

@Ken12 -- As Bev said, file IRS form 1040-X with a revised IRS form 8938. Part III of your 1040-X is where you explain any changes you made and why. Cheers, 255



https://www.irs.gov/pub/irs-pdf/f1040x.pdf





https://www.irs.gov/pub/irs-pdf/f8938.pdf


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## Ken12 (Oct 2, 2021)

Hi Bev and 255, thank you for this. 

Just to double check. The mistake is not on the FATCA form, it is with the 1040 form. As such, this will trigger the need to amend the FATCA and FBAR forms to ensure everything is in sync. This is where the problem comes in. There is no place, to indicate the 8938 is amended.

In looking at the 1040-X form and instructions (Instructions for Form 1040-X (01/2020) | Internal Revenue Service), there is no reference to the 8938 form. Only Item 15 (Refundable credits) allows you to indicate “others forms” (you identify the form no.). Unfortunately Item 15 relates to "asking/receiving a credit". In my case, this "does not" apply. I will not be receiving a credit.

In researching the 1040-x on the IRS website, I found a IRS “topic 308” link on amended returns which involves the 1040-x (Topic No. 308 Amended Returns | Internal Revenue Service).

Topic 308, indicates 1040-x is for mistakes or omissions related to the variety of "only" 1040 form(s). Where it include reference to the 8938 form, it only says “if the Form 8938, Statement of Specified Foreign Financial Assets applies to you, file it "with" an annual return or an amended return”.

As such, not sure if it relates to a "new" 8938 or an amended 8938 form, as there is no place to indicate it on the 1040-x, or 8938. 

As there is a bit of ambiguity, i fear i have or am falling in to the "analysis paralysis" rabbit hole. 

Ken


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## 255 (Sep 8, 2018)

@Ken12 -- This seems correct: "As there is a bit of ambiguity, i fear i have or am falling in to the "analysis paralysis" rabbit hole." The 8938 is an attachment to the 1040 -- as I said before: "Part III of your 1040-X is where you explain any changes you made and why."

Your statement: "The mistake is not on the FATCA form, it is with the 1040 form." indicates there is no need to file a new 8938! All forms and schedules flow to the 1040 -- so if the 8938 was correct before and the mistake is on the 1040 itself, then the solution is to file the 1040-X, amending the offending line, explaining your original error in part III. On the 1040-X, you only submit schedules/forms/lines that are changed. You are not completing a totally new tax return. I also question why an error on the 1040 would trigger any change on the FBAR -- as the 1040 merely compiles the information from all the other schedules and forms that are attached.

It does appear you are making this way to hard! Good luck! Cheers, 255


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## Ken12 (Oct 2, 2021)

Hi 255, A delayed thank you for your response


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