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WWW.pwc.com Global Watch International Assignment Services October 29, 2011, United States Foreign asset reporting: Release of Form 8938 draft instructions In Brief An International Assignment Services
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How to fill out form 8938 - pwc

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How to fill out form 8938 - PwC?

01
Gather necessary information: Before filling out form 8938 - PwC, you need to collect all the essential information. This includes details about your foreign financial assets, such as bank accounts, stocks, bonds, and mutual funds. Make sure to have all relevant account numbers, balances, and financial institution names readily available.
02
Determine threshold requirements: The next step is to determine if you meet the threshold requirements for reporting on form 8938 - PwC. Generally, you need to file this form if the total value of your specified foreign financial assets exceeds certain thresholds. For example, if you are a single taxpayer residing in the United States, you need to file if the total value of your assets is $50,000 or more on the last day of the tax year or $75,000 or more at any time during the tax year.
03
Complete Part I: Part I of form 8938 - PwC requires you to provide general information about yourself, such as your name, social security number, and address. Additionally, you should provide information about your foreign financial assets, including the maximum value during the tax year, the type of asset, and the specific country where it is held.
04
Complete Part II: Part II focuses on specific types of foreign financial assets, such as foreign bank accounts, financial instruments, and certain foreign investments. Fill out the relevant sections based on your specific assets and provide accurate details including account number, financial institution, and country where the asset is held.
05
Complete Part III: Part III of form 8938 - PwC is used to report any income generated from your specified foreign financial assets. If you have received any interest, dividends, capital gains, or any other income from these assets, you should provide the necessary details in this section.
06
Sign and date the form: Once you have filled out all the required sections, review the form for accuracy and completeness. Make sure to sign and date it before submitting it to the Internal Revenue Service (IRS) along with your tax return.

Who needs form 8938 - PwC?

01
U.S. citizens and residents: U.S. citizens and residents who have specified foreign financial assets and meet the specified threshold requirements need to file form 8938 - PwC. This includes individuals living in the United States as well as those residing abroad.
02
Certain non-resident individuals: Non-resident individuals who meet the threshold requirements for reporting foreign financial assets also need to file form 8938 - PwC. This applies to individuals who are not U.S. citizens or residents but have tax filing obligations in the U.S.
03
Entities controlled by U.S. taxpayers: Certain specified domestic entities that are considered to be controlled by U.S. taxpayers may also have to file form 8938 - PwC. This includes entities such as partnerships, corporations, or trusts that meet specific criteria outlined by the IRS.
Overall, it is important to consult with a tax professional or refer to the official IRS guidelines to determine if you are required to fill out form 8938 - PwC based on your individual circumstances.
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Form 8938 is a statement of specified foreign financial assets filed with the IRS by certain U.S. taxpayers.
U.S. citizens, resident aliens, and certain non-resident aliens who have foreign financial assets exceeding certain thresholds are required to file form 8938.
Form 8938 can be filled out by providing information on the taxpayer's specified foreign financial assets, including their value and type of asset.
The purpose of form 8938 is to report foreign financial assets that exceed certain thresholds to help prevent tax evasion and promote compliance with U.S. tax laws.
Information such as the type of asset, value in U.S. dollars, and maximum value during the tax year must be reported on form 8938.
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