Get the free IRS Form 8938 - to return to the home page

This form is referenced in an end note at the Bradford Tax Institute. CLICK HERE to go to the home page. Caution: DRAFT FORM This is an advance proof copy of an IRS tax form. It is subject to change

How to fill out irs form 8938

How to fill out IRS Form 8938:

1. Gather all necessary information: Before starting to fill out Form 8938, make sure you have all the necessary documents and information, including your personal identification details, financial account information, and any foreign assets you may have.
2. Section A - Personal Information: Begin by entering your name, social security number, address, and the country of residence. Fill out all the required personal information accurately.
3. Section B - Types of Foreign Assets: In this section, indicate whether you are filing Form 8938 as an individual or jointly with your spouse. Specify the types of foreign assets you possess, such as financial accounts, foreign stocks, or foreign partnerships.
4. Section C - Financial Accounts: If you have any foreign financial accounts, report the details of these accounts in this section. Include the account number, name of the financial institution, the maximum value of the account during the year, and any income generated from these accounts.
5. Section D - Other Foreign Assets: If you have any other specified foreign assets, such as foreign stocks, bonds, or interests in foreign entities, provide the required information in this section. Be thorough and accurate while reporting these assets.
6. Section E - Additional Information: In this section, provide any additional information that the IRS may require regarding your foreign assets. If you have any specific transactions or details to disclose, do so in this section.
7. Sign and date the form: After completing all the sections, sign and date the Form 8938. If you are filing jointly, both you and your spouse must sign the form.

Who needs IRS Form 8938:

1. US Citizens and residents: US citizens or residents who meet the specified threshold for foreign assets are required to file IRS Form 8938 if they have a financial interest in, or signature authority over, such assets.
2. Married individuals: If you are married, filing jointly, and both you and your spouse meet the foreign asset threshold requirements, then both of you must file a separate Form 8938.
3. Taxpayers living abroad: US citizens or residents living abroad must also file Form 8938 if they meet the asset threshold requirements. However, they may be able to exclude certain specified foreign assets from reporting.

It is crucial to consult with a tax professional or refer to the official IRS guidelines for specific details regarding the filing requirements of Form 8938, as these may vary based on individual circumstances.

For pdfFiller’s FAQs

Can I sign the irs form 8938 electronically in Chrome?

Yes. With pdfFiller for Chrome, you can eSign documents and utilize the PDF editor all in one spot. Create a legally enforceable eSignature by sketching, typing, or uploading a handwritten signature image. You may eSign your irs form 8938 in seconds.

How can I edit irs form 8938 on a smartphone?

The best way to make changes to documents on a mobile device is to use pdfFiller's apps for iOS and Android. You may get them from the Apple Store and Google Play. Learn more about the apps here. To start editing irs form 8938, you need to install and log in to the app.

How do I complete irs form 8938 on an iOS device?

Install the pdfFiller app on your iOS device to fill out papers. Create an account or log in if you already have one. After registering, upload your irs form 8938. You may now use pdfFiller's advanced features like adding fillable fields and eSigning documents from any device, anywhere.

What is irs form 8938?

IRS Form 8938, also known as the Statement of Specified Foreign Financial Assets, is a form used to report specified foreign financial assets held by US taxpayers.

Who is required to file irs form 8938?

US taxpayers who meet the specified threshold for reporting foreign financial assets are required to file IRS Form 8938.

How to fill out irs form 8938?

To fill out IRS Form 8938, you need to provide information about your specified foreign financial assets, such as their type, maximum value, and income generated. The form should be filed electronically with your annual tax return.

What is the purpose of irs form 8938?

The purpose of IRS Form 8938 is to allow the IRS to gather information about US taxpayers' foreign financial assets and help prevent tax evasion.

What information must be reported on irs form 8938?

IRS Form 8938 requires reporting of various information regarding specified foreign financial assets, such as account numbers, financial institution details, maximum value during the year, and the income generated by those assets.