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A form issued by the IRS for U.S. citizens living abroad to report foreign assets or foreign account information for tax compliance.
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How to fill out form 8938 - photos
How to fill out Form 8938
01
Obtain Form 8938 from the IRS website or your tax preparer.
02
Fill in your name, address, and taxpayer identification number at the top of the form.
03
Complete Part I by listing your specified foreign financial assets, including banks and investment accounts.
04
Include details for each asset, such as the name of the institution, account number, maximum value during the year, and the type of asset.
05
Complete Part II for any assets held in a foreign corporation or partnership, if applicable.
06
If you have assets in a foreign trust, complete Part III.
07
Review the instructions carefully to ensure all required information is provided.
08
Sign and date the form before submission.
09
File Form 8938 with your annual tax return (Form 1040).
Who needs Form 8938?
01
U.S. taxpayers who have an interest in specified foreign financial assets with an aggregate value exceeding certain thresholds.
02
Individuals filing jointly who have foreign assets exceeding $100,000 at any time during the tax year or $200,000 at year-end.
03
Single filers with foreign assets exceeding $50,000 at any time during the tax year or $100,000 at year-end.
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People Also Ask about
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who needs to fill out form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who is exempt from FATCA reporting?
If you have an investment interest in the social security, social insurance, or a foreign government program of a similar nature, you'll not have to report such investments under FATCA's regulations.
Do I need to declare foreign property to the IRS?
File Form 8938. If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS.
Do I have to report foreign property to the IRS?
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS. Report foreign income.
What happens if I have more than $100,000 in a foreign bank account?
Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.
Who is required to file form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
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What is Form 8938?
Form 8938 is a form used by U.S. taxpayers to report specified foreign financial assets. It is part of the IRS requirements for compliance with the Foreign Account Tax Compliance Act (FATCA).
Who is required to file Form 8938?
U.S. taxpayers who have an interest in specified foreign financial assets and meet certain thresholds for filing are required to file Form 8938. This includes individuals, married couples, and certain entities.
How to fill out Form 8938?
To fill out Form 8938, taxpayers must provide information about their specified foreign financial assets, including the type of assets, account numbers, and the value of the assets. Detailed instructions are available on the IRS website.
What is the purpose of Form 8938?
The purpose of Form 8938 is to ensure that U.S. taxpayers report their foreign financial assets to the IRS, thereby enhancing transparency and compliance with U.S. tax laws.
What information must be reported on Form 8938?
Information that must be reported on Form 8938 includes the tax identification number, account numbers, the names and addresses of financial institutions, the maximum value of specified foreign assets during the tax year, and details about investments in foreign corporations or partnerships.
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