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Can my U.S. tax software handle FBAR, Form 8938, and PFIC filings correctly?

Only partially, and this is a frequent trap for immigrants. Consumer tax software can often generate Form 8938 for FATCA if you enter the data, but the FBAR is filed separately through FinCEN's BSA e-filing system, not with your tax return, so software will not submit it for you. PFIC reporting on Form 8621, especially the QEF or mark-to-market elections and the excess-distribution calculations, is beyond what most consumer packages handle well; errors here are common and costly. If your only foreign asset is a simple bank account, software plus a manual FBAR may suffice. But if you own foreign mutual funds, a foreign business, a foreign trust, or need treaty positions, the complexity usually justifies a cross-border CPA. The cost of a specialist is often far less than the penalties for a botched information return.

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