Do you need to use the same exact exchange rate for all the accounts on one day, or can you use the rates from when you actually had the maximum balance in each account (which might be different days)?

For FBAR (FinCEN Form 114), you should use the Treasury Financial Management Service rate on the last day of the calendar year if you're reporting the value on that day. However, if you're reporting the maximum value during the year (which you should be), you're supposed to use the rate on the day when the maximum value occurred. For Form 8938, you use the exchange rate on the last day of your tax year, regardless of when the maximum balance occurred. This creates inconsistencies between the two forms, which is why they often have different reported values for the same accounts.

If you qualify for the Streamlined Filing Compliance Procedures, there's a miscellaneous offshore penalty of 5% of the highest aggregate balance of your foreign financial assets during the 6-year lookback period. However, for non-willful violations outside the streamlined program, penalties can range from $10,000 per violation per year. The key is demonstrating that your failure to file was truly non-willful. If you go through the streamlined program and properly certify that your failure was non-willful, you can avoid the harsher penalties.

Thank you for pointing this out! I did take my employer's insurance and have been covered all year through them. I definitely checked the box on my return saying I had coverage for all 12 months. So it sounds like I'm ok from what everyone is saying?

Yes, you're fine then! If you had employer coverage all year and indicated that on your return, the 1095-C is just documentation for your records. You don't need to amend your return or do anything else. The IRS already gets this information reported to them directly from your employer. Just keep the form with your tax records in case there are ever any questions, but you're all set!

100% agree. My 1095-B comes late EVERY year. I think employers have until March to send them out, but W-2s have to be out by January 31. The deadlines don't make any sense when tax filing starts in late January!

Thanks for confirming I'm not the only one! It's so frustrating. You'd think after all these years they'd figure out how to align these deadlines better. I always end up having to decide whether to file early and get my refund sooner, or wait for all my forms and risk delaying my refund.

Thanks for the suggestion! I didn't even think about their guarantee. Do you know if their guarantee covers situations like this? And would you recommend going back now or waiting to see if the refund comes through first?

H&R Block's accuracy guarantee typically covers penalties and interest that result from preparer errors. In your case, since you caught the error before the return was finalized, it's a bit different, but they should still help you navigate the refund process. I'd recommend going back now rather than waiting. Explain what happened and ask them to contact the IRS on your behalf to confirm the overpayment will be refunded. They have a professional responsibility to help resolve this since it was their preparer's error. If the manager isn't helpful, you can escalate to their corporate customer service.

This is good advice! Also, check your mail regularly. Sometimes the IRS will send a paper check instead of direct deposit for refunds resulting from corrections or amendments, even if you originally paid electronically. I learned this the hard way when my refund check sat in a pile of mail for weeks.

File early!!! Especially if you're expecting a refund. The sooner you file, the sooner you get your money back. Also, identity theft is a real problem - if someone gets your SSN they can file a fake return in your name and steal your refund. Filing early prevents this. Filing early also gives you more time to correct any mistakes if something goes wrong. Last year I waited till the last minute and realized I was missing a form, had to file an extension and it was a whole mess.

This is what I did! Our business school had accounting students doing this as part of their practical experience. They were super thorough and even found a credit I didn't know about. Definitely worth checking if your school offers this!

This is a great suggestion! I'll check with our business school to see if they offer this. Having someone walk me through it the first time would be really helpful. Thanks for the tip!

I did call them actually! They basically just confirmed what the 1098 shows - that the actual payment to the county hadn't been made yet in 2023. They said they could provide a statement showing my escrow contributions, but they were clear that doesn't change when the tax was technically "paid" for IRS purposes. Frustrating but at least consistent with what everyone here is saying.

In TurboTax, the property tax paid will typically import automatically if you have your 1098 imported electronically. If not, you'd enter it manually in the "Deductions & Credits" section under "Home Mortgage Interest and Real Estate Taxes." Look for the section about Form 1098 and it will ask for the amount in Box 11 (which is where property taxes paid by your mortgage company appear).