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How to fill out instructions for form 8938

How to fill out instructions for form 8938:

1. Begin by carefully reading the instructions provided by the Internal Revenue Service (IRS) for form 8938. These instructions will provide information on how to properly complete the form according to the IRS guidelines.
2. Gather all the necessary information and documents required to fill out form 8938. This may include details about your foreign financial assets, such as bank accounts, investments, or ownership in foreign businesses, as well as their respective values.
3. Start filling out the personal identification information section of the form. This includes your name, address, Social Security number, and the tax year in which you are filing the form.
4. Proceed to Part I of the form, where you need to provide information about your specified foreign financial assets. This may include the type of asset, country or jurisdiction where it is located, maximum value during the tax year, and whether it was jointly owned.
5. If you have multiple foreign financial assets, use additional sheets as necessary to provide all the required information. Make sure to follow the IRS instructions on how to attach these additional sheets properly.
6. Move on to Part II of the form, which is used to provide information about your foreign financial accounts maintained by a financial institution. Similar to Part I, you will need to provide details such as the account number, name of the financial institution, address, and maximum value during the tax year.
7. Again, if you have multiple foreign financial accounts, use additional sheets to provide all the required information and follow the IRS instructions for attaching these sheets correctly.
8. Complete the certification at the end of the form, sign, and date it accordingly.

Who needs instructions for form 8938?

Any individual who meets certain criteria provided by the IRS may be required to file form 8938. Generally speaking, if you are a U.S. citizen, resident alien, or certain non-resident aliens and you have specified foreign financial assets whose total value exceeds a certain threshold, you will need to file this form.

The threshold amount may vary depending on your filing status and whether you live in the United States or abroad. Therefore, it is essential to thoroughly review the instructions for form 8938 or consult with a tax professional to determine if you meet the criteria and require the instructions to properly complete the form.

For pdfFiller’s FAQs

What is instructions for form 8938?

Form 8938 is used to report specified foreign financial assets to the IRS.

Who is required to file instructions for form 8938?

U.S. citizens, resident aliens, and certain non-resident aliens must file Form 8938 if they have specified foreign financial assets that exceed certain thresholds.

How to fill out instructions for form 8938?

Form 8938 must be filled out accurately and completely, including providing information about the foreign financial accounts and assets owned by the taxpayer.

What is the purpose of instructions for form 8938?

The purpose of Form 8938 is to help prevent tax evasion by requiring taxpayers to report their foreign financial assets.

What information must be reported on instructions for form 8938?

Taxpayers must report information about their foreign financial accounts, assets, and income derived from those assets.

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