You must file IRS Form 8938 Statement of Specified Foreign Financial Assets if you have an interest in specified foreign assets and the value of those assets is more than the applicable reporting threshold. See the IRS Instructions for Form 8938 and Basic Questions and Answers on Form 8938 for more information.

To enter the information for Form 8938 in your TaxAct® return:

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
2. Click Investment Income to expand the topic
3. Click Specified foreign financial assets and click Yes
4. The program will proceed with the interview questions for you to enter the appropriate information