Get the free 8938 continuation sheet form - irs

TAX YEAR 2011 HIGHLIGHTS TO THIS REVISION OF RECORD LAYOUTS I.NEW FORMS Form Form Form Formic.5884B (Page1 and Page 2) 8867 (Page 1, Page 2 and Page 3) 8938 (Page 1 and Page 2) 8949 (ST CGL/LT CGL)UPDATED

How to fill out 8938 continuation sheet form

How to fill out the 8938 continuation sheet form:

1. Begin by obtaining the form from the Internal Revenue Service (IRS) website or your tax preparer.
2. Provide your personal information at the top of the form, including your name, Social Security number or taxpayer identification number, and the tax year relevant to the form.
3. Section 1 of the form requires you to list each specified foreign financial asset in which you have an interest. Include details such as the type of asset, its maximum value during the tax year, and the country where it is located.
4. In Section 2, you need to report any income attributable to the listed foreign financial assets. Specify the type of income, the amount in U.S. dollars, and the country from which it was derived.
5. Section 3 is for reporting any changes to the previously reported foreign financial assets. If no changes have occurred, you can leave this section blank.
6. Finally, sign and date the form.
7. Keep a copy for your records and submit the completed form to the IRS along with your tax return.

Who needs the 8938 continuation sheet form:

1. Any U.S. individual taxpayer who meets the specified filing threshold for reporting specified foreign financial assets must fill out the 8938 continuation sheet form.
2. The filing threshold for most individuals is met if the total value of their specified foreign financial assets exceeds $50,000 on the last day of the tax year or $75,000 at any point during the tax year.
3. However, higher thresholds apply to certain individuals, such as married taxpayers filing a joint tax return ($100,000 and $150,000 respectively).
4. Individuals who qualify as specified individuals, such as nonresident aliens, dual-status individuals, and trusts, also need to file this form if they meet the specified thresholds.
5. Failure to file the 8938 continuation sheet form when required may result in penalties imposed by the IRS, so it is important to determine if you meet the filing requirements and fulfill this obligation.

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What is 8938 continuation sheet form?

Form 8938 continuation sheet is used to provide additional information for Form 8938, which is used to report specified foreign financial assets.

Who is required to file 8938 continuation sheet form?

Individuals who are required to file Form 8938 and have multiple specified foreign financial assets to report may need to file the 8938 continuation sheet.

How to fill out 8938 continuation sheet form?

The 8938 continuation sheet should be filled out with the required information about each additional specified foreign financial asset that was not fully reported on Form 8938.

What is the purpose of 8938 continuation sheet form?

The purpose of the 8938 continuation sheet form is to provide a way for individuals to report additional specified foreign financial assets that could not fit on the main Form 8938.

What information must be reported on 8938 continuation sheet form?

The 8938 continuation sheet should include information such as the type of asset, maximum value during the year, and the country where the asset is located.