Get the free form 8938 - irs

7 Failure-to-File Penalty 7 exception Penalty R Regulations future 1 value 5 conversion 5 plans. 5 years of specified individuals. 5 individuals filing a joint returns 5 and living in the living in the United States 1 abroad 1 C D another form 2 E F date 5 Fraud Penalty 7 G Items of Interest 1 I Form 8938 for previously filed annual return 8 Identifying number 8 Type of filer 8 Assets generating certain unearned income of children Kiddie tax elec...

How to fill out form 8938 - irs

How to Fill Out Form 8938:

1. Review the instructions provided by the IRS for Form 8938. It is important to understand the requirements and ensure you have all the necessary information.
2. Gather all the relevant financial and asset information that is required to be reported on Form 8938. This includes details about foreign accounts, assets, and income.
3. Begin filling out the form by entering your personal information such as your name, address, social security number, and filing status.
4. Proceed to Part I of the form and provide the necessary information about your specified foreign financial assets, including their description, maximum value during the year, and the country where they are held.
5. Continue to Part II and report any foreign financial assets that are held jointly with another person. Provide the required details for each joint owner.
6. If you had any foreign accounts during the tax year, complete Part III of the form. This includes entering information about the financial institution, account number, and maximum value of the accounts.
7. Verify that you have included all the required information and double-check for any errors or omissions.
8. Sign and date the completed Form 8938 before submitting it along with your annual tax return to the IRS.

Who Needs Form 8938:

1. U.S. citizens or residents who meet the specified filing thresholds for specified foreign financial assets need to file Form 8938. These thresholds vary depending on the taxpayer's filing status and where they live.
2. Individuals who have an interest in specified foreign financial assets, including foreign bank accounts, foreign stock or securities, foreign partnership interests, and certain foreign derivatives, may need to file Form 8938.
3. Taxpayers who are required to file Form 8938 also need to report their foreign assets in their annual tax return, ensuring compliance with both the reporting requirements.

Overall, anyone who meets the filing thresholds and holds specified foreign financial assets should determine whether they need to file Form 8938 to report these assets accurately.

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What is form 8938?

Form 8938 is a tax form used by taxpayers to report specified foreign financial assets to the Internal Revenue Service (IRS).

Who is required to file form 8938?

US taxpayers who meet the threshold for reporting specified foreign financial assets are required to file form 8938. This includes individuals, corporations, partnerships, trusts, and estates.

How to fill out form 8938?

To fill out form 8938, taxpayers need to provide information such as their personal details, description of each specified foreign financial asset, maximum value of each asset during the tax year, and any income related to these assets. Detailed instructions are available on the IRS website.

What is the purpose of form 8938?

The purpose of form 8938 is to assist the IRS in identifying taxpayers who may have unreported offshore financial assets and to prevent tax evasion.

What information must be reported on form 8938?

Form 8938 requires reporting of various information, including the taxpayer's name, taxpayer identification number, description of each specified foreign financial asset, maximum value of each asset during the tax year, and any income derived from these assets.