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Tel. (845) 374-2560 Fax (845) 374-2562 MEMORANDUM cs fatca-analysts.com January 10, 2014, FORM 8938 REPORTING OF SPECIFIED FOREIGN FINANCIAL ASSETS Christopher Smith, Esq. A. Overview 1. General rule
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How to fill out form 8938 - reporting
How to fill out form 8938 - reporting?
01
Gather all necessary information and documents: Before filling out form 8938, make sure you have all the required information and documents ready. This includes your personal information, such as your name, social security number, and address, as well as details about your foreign financial assets.
02
Understand the reporting thresholds: Form 8938 is used to report specified foreign financial assets if their total value exceeds certain thresholds. Familiarize yourself with these thresholds to determine if you need to file this form. The thresholds vary depending on your filing status and whether you live in the United States or abroad.
03
Complete part I of form 8938: In part I of the form, you need to provide your personal information, including your name, social security number, and address. Ensure that you accurately fill out this section.
04
Fill out part II for each specified foreign financial asset: In part II, you will be required to list each specified foreign financial asset you have. Include details such as the type of asset, the maximum value during the tax year, and the country where it is located. Make sure to provide accurate and complete information for each asset you list.
05
Determine if you need to complete part III: Part III of form 8938 is only required if you have certain specified foreign financial assets that are reported on other forms, such as Form 5471 for certain foreign corporations or Form 8865 for certain foreign partnerships. If this applies to you, complete part III accordingly.
06
Verify the completeness and accuracy of the form: Double-check all the information you have provided on form 8938 to ensure its accuracy. Ensure that you have listed all the required information and that it is correctly filled out.
07
Sign and date the form: Once you are satisfied with the accuracy of the information provided, sign and date the form. Failure to sign the form may result in its rejection by the IRS.
Who needs form 8938 - reporting?
01
U.S. citizens or residents: If you are a U.S. citizen or resident, you may need to file form 8938 if the total value of your specified foreign financial assets exceeds the reporting thresholds. This requirement applies regardless of whether you live in the United States or abroad.
02
Married individuals filing jointly: Married individuals filing a joint tax return may need to include form 8938 if the combined value of their specified foreign financial assets meets or exceeds the reporting thresholds applicable to their filing status.
03
Taxpayers abroad: If you are a U.S. citizen or resident living abroad, you may still need to file form 8938 if your specified foreign financial assets exceed the reporting thresholds. The reporting thresholds for taxpayers abroad are generally higher than those for individuals residing in the United States.
Note: It is important to consult with a tax professional or refer to the official instructions provided by the IRS to ensure you meet all the requirements for filing form 8938 accurately and in a timely manner.
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What is form 8938 - reporting?
Form 8938 is a form used to report specified foreign financial assets.
Who is required to file form 8938 - reporting?
U.S. citizens, resident aliens, and certain non-resident aliens who have an interest in specified foreign financial assets.
How to fill out form 8938 - reporting?
Form 8938 must be attached to an individual's annual tax return and includes information on the type and value of foreign financial assets.
What is the purpose of form 8938 - reporting?
The purpose of form 8938 is to help prevent underreporting of foreign financial assets and income.
What information must be reported on form 8938 - reporting?
Information such as account numbers, maximum value during the year, and the country where the asset is held must be reported on form 8938.
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