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How to fill out comparison of form 8938

How to fill out Form 8938:

1. Gather all the necessary information: Before filling out the form, make sure you have all the required information ready. This includes details about your foreign financial assets such as bank accounts, brokerage accounts, and certain specified financial instruments.
2. Provide personal information: Start by filling out your name, Social Security number, and address in the designated fields. Make sure the information is accurate and up to date.
3. Determine your reporting threshold: The threshold for filing Form 8938 differs depending on your filing status and location. Refer to the instructions provided with the form to determine the specific threshold that applies to you.
4. Complete Part I of the form: Part I of Form 8938 requires you to provide general information about your foreign financial assets such as the type of asset, maximum value during the tax year, and account or policy number, if applicable. Fill out all the relevant fields accurately.
5. Fill out Part II if applicable: Part II of the form is specifically for individuals who have specified foreign financial assets that exceed the reporting threshold. Provide detailed information about each asset category mentioned in this section.
6. Complete Part III: Part III requires you to disclose information about your foreign financial accounts maintained by a foreign financial institution. Provide the name and address of the institution, as well as the account number and maximum value during the tax year.
7. Fill out Part IV if applicable: Part IV is only applicable to individuals who have been granted an extension of time to file their income tax return. If this applies to you, provide the relevant information about the granted extension.
8. Review and attach Form 8938: Once you have completed all the necessary sections of Form 8938, carefully review the form to ensure accuracy and completeness. Attach the form to your annual income tax return before filing it with the appropriate tax authority.

Who needs Form 8938?

1. US citizens and resident aliens: If you are a US citizen or resident alien and meet the reporting threshold, you may need to file Form 8938 to report your specified foreign financial assets.
2. Individuals living abroad: If you live outside the United States, you may still be required to file Form 8938 if you meet the reporting threshold based on your filing status.
3. Taxpayers with foreign financial assets: Form 8938 is required for individuals who have specified foreign financial assets that exceed the reporting threshold. This includes assets such as bank accounts, investment accounts, and certain specified financial instruments held outside the United States.
4. Those subject to penalties: Failure to file Form 8938 or accurately report your foreign financial assets may result in penalties imposed by the IRS. It is crucial to determine if you fall under the reporting requirement to avoid potential penalties.

Note: The information provided is a general overview, and it is recommended to consult with a tax professional or refer to the official instructions accompanying Form 8938 for detailed guidance specific to your situation.

For pdfFiller’s FAQs

What is comparison of form 8938?

Form 8938 is used to report specified foreign financial assets.

Who is required to file comparison of form 8938?

US taxpayers who have an interest in specified foreign financial assets and meet the filing threshold.

How to fill out comparison of form 8938?

Form 8938 must be attached to the taxpayer's annual tax return and provide information about the foreign financial assets.

What is the purpose of comparison of form 8938?

The purpose of Form 8938 is to help prevent tax evasion by providing information about foreign financial assets.

What information must be reported on comparison of form 8938?

Information about specified foreign financial assets such as account numbers, financial institutions, and maximum value during the tax year.

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