Get the free Comparison of Form 8938 and FBAR

Comparison of Form 8938 and FAR Requirements http://www.irs.gov/Businesses/ComparisonofForm8938andFBAR... Comparison of Form 8938 and FAR Requirements The new Form 8938 filing requirement does not

How to fill out comparison of form 8938

Who needs comparison of form 8938?

1. Individuals who are considered "specified individuals" are required to file Form 8938 if they meet the specified criteria. This includes U.S. citizens, resident aliens, and certain non-resident aliens who have an interest in specified foreign financial assets that exceed certain thresholds.
2. Generally, individuals who have an interest in foreign financial accounts or other specified foreign financial assets with a total value of $50,000 or more on the last day of the tax year, or $75,000 or more at any time during the tax year, must file Form 8938.
3. Additionally, if you are married and filing a joint tax return, the thresholds are higher. The total value of specified foreign financial assets must exceed $100,000 on the last day of the tax year, or $150,000 at any time during the tax year.

How to fill out Form 8938:

1. Begin by providing your personal information such as your name, Social Security number, and address in Part I of the form.
2. In Part II, you will need to disclose the details of your specified foreign financial assets. This includes reporting the maximum value of each asset during the tax year and providing information about the financial institution or other entity where the asset is located.
3. If you have more than one specified foreign financial asset, you can attach additional sheets as necessary.
4. Part III of the form requires you to provide information about your foreign accounts maintained by a foreign financial institution. You will need to provide the name and address of each foreign financial institution where you hold an account, as well as the maximum value of each account during the tax year.
5. If you have multiple foreign accounts, you can attach additional sheets to report the necessary information.
6. In Part IV, you will need to report any other specified foreign financial assets not already disclosed in Parts II and III. This could include interests in foreign entities or certain foreign stocks or securities.
7. Finally, sign and date the form in Part V, certifying that the information provided is true and accurate to the best of your knowledge.

Note: It is important to carefully review the instructions provided with Form 8938 to ensure compliance with all reporting requirements and to determine if any exemptions or special rules apply in your situation. Additionally, seeking professional tax advice or guidance is recommended to ensure accuracy and completeness in filling out the form.

For pdfFiller’s FAQs

What is comparison of form 8938?

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

Who is required to file comparison of form 8938?

US taxpayers with specified foreign financial assets exceeding certain thresholds are required to file Form 8938.

How to fill out comparison of form 8938?

Form 8938 requires the taxpayer to provide information on their foreign financial assets including account numbers, values, and other details.

What is the purpose of comparison of form 8938?

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

What information must be reported on comparison of form 8938?

Information such as account numbers, values, types of accounts, and other details of specified foreign financial assets must be reported on Form 8938.

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