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This document informs U.S. citizens about the new IRS Form 8938, which is required to report certain foreign financial assets for tax compliance.
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How to fill out form 8938 statement of
How to fill out Form 8938 Statement of Specified Foreign Financial Assets
01
Gather information about your specified foreign financial assets, including values and account details.
02
Obtain Form 8938 from the IRS website or your tax software.
03
Complete the identification section, providing your name, address, and taxpayer identification number.
04
Fill out Part I by listing your specified foreign financial assets, including bank accounts, stocks, bonds, and other foreign investments.
05
In Part II, provide details about the assets, such as the name of the institution where the asset is held and account numbers.
06
Complete Part III if you have foreign entities or trusts that meet the reporting requirements.
07
Calculate the total value of your specified foreign financial assets and report this in the appropriate section.
08
Sign and date the form to certify that the information provided is accurate.
09
Attach Form 8938 to your annual income tax return (Form 1040).
Who needs Form 8938 Statement of Specified Foreign Financial Assets?
01
U.S. taxpayers who hold specified foreign financial assets with an aggregate value exceeding the reporting threshold must file Form 8938.
02
Form 8938 is required for individuals living abroad and for certain individuals living in the U.S. with specified foreign financial assets.
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People Also Ask about
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.
Do I have to file both form 8938 and 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. Depending on your situation, you may be required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be required to be reported on both forms.
What is the maximum account value for form 8938?
If you are required to file Form 8938, the maximum value of the foreign stock to be reported is $150,000, based on readily available information of the stock's maximum value during the tax year. Valuing interests in foreign trusts.
Are foreign bank accounts reported to the IRS?
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.
What happens if you don't file form 8938?
Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).
Can US citizens put money in foreign banks?
And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.
Can the IRS seize foreign bank accounts?
Can the IRS Seize Foreign Bank Accounts? Yes, but the IRS cannot directly access foreign bank accounts. Instead, the agency relies on tax treaties, mutual collection assistance requests, and other international agreements like the Tax Information Exchange Agreement to identify and pursue funds held offshore.
How much money can you have in a foreign bank account?
Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
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What is Form 8938 Statement of Specified Foreign Financial Assets?
Form 8938 is a tax form required by the IRS that reports specified foreign financial assets held by certain U.S. taxpayers.
Who is required to file Form 8938 Statement of Specified Foreign Financial Assets?
Taxpayers who have an interest in specified foreign financial assets that exceed certain thresholds are required to file Form 8938.
How to fill out Form 8938 Statement of Specified Foreign Financial Assets?
Form 8938 can be filled out by providing details about the specified foreign financial assets, including account numbers, asset types, and values, and it must be attached to the taxpayer's annual income tax return.
What is the purpose of Form 8938 Statement of Specified Foreign Financial Assets?
The purpose of Form 8938 is to ensure compliance with U.S. tax laws by reporting foreign financial assets to help the IRS track foreign income and prevent tax evasion.
What information must be reported on Form 8938 Statement of Specified Foreign Financial Assets?
The form requires information such as the type of foreign financial asset, account numbers, values, and the income generated from these assets.
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