Get the free Irs Form 8938 Continuation Sheet. irs form 8938 continuation sheet

IRS FORM 8938 CONTINUATION SHEET PDF If you want to have a destination search and find the appropriate manuals for your products, you can visit this website providing you with many Ir's Form 8938

How to fill out irs form 8938 continuation

How to fill out IRS form 8938 continuation?

1. Begin by carefully reading the instructions provided for Form 8938 continuation. This will help you understand the requirements and provide guidance on how to properly fill out the form.
2. Locate the relevant sections of the form that require your personal information. This typically includes your name, Social Security number or taxpayer identification number, and address. Ensure that the information provided is accurate and matches the information on your tax return.
3. Fill in the appropriate fields that require you to report your specified foreign financial assets. These may include bank accounts, securities, interests in foreign entities, and other financial instruments. Provide the necessary details for each asset, such as the name of the financial institution, account numbers, and the maximum value of the asset during the tax year.
4. If you have multiple foreign financial assets to report and need additional space, you can attach a Form 8938 continuation to account for the additional assets. Use this continuation form to provide all the required information for any additional assets that couldn't fit on the main Form 8938.
5. Review your completed Form 8938 continuation to ensure accuracy and completeness. Double-check that you have provided all the necessary information and that it aligns with the instructions provided.
6. Once you have verified the accuracy of your form, attach the continuation pages securely to your main Form 8938. Make sure that both forms are signed and dated.
7. Keep a copy of your completed Form 8938 and continuation pages for your records. It is essential to retain this documentation in case of any future inquiries or audits from the IRS.

Who needs IRS form 8938 continuation?

1. Taxpayers who are required to file Form 8938, Statement of Specified Foreign Financial Assets, and have additional foreign financial assets to report that couldn't fit on the main form may need to complete the IRS Form 8938 continuation.
2. The IRS requires individuals who meet specific asset thresholds to report their specified foreign financial assets. For example, if you are a U.S. citizen or resident alien and the total value of your specified foreign financial assets exceeds $50,000 on the last day of the tax year or over $75,000 at any point during the tax year (higher thresholds apply for married individuals filing jointly or living abroad), you are generally required to file Form 8938.
3. If you fall under the criteria mentioned above and have additional foreign financial assets that need reporting, but they cannot all be accommodated on the main Form 8938, you may need to use the IRS Form 8938 continuation to provide the necessary information for the additional assets.

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What is irs form 8938 continuation?

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

Who is required to file irs form 8938 continuation?

Individuals who meet the filing threshold for reporting specified foreign financial assets are required to file IRS Form 8938 continuation.

How to fill out irs form 8938 continuation?

IRS Form 8938 continuation should be completed with accurate information regarding specified foreign financial assets following the instructions provided by the IRS.

What is the purpose of irs form 8938 continuation?

The purpose of IRS Form 8938 continuation is to help the IRS identify individuals who have specified foreign financial assets and ensure compliance with tax laws.

What information must be reported on irs form 8938 continuation?

Information such as the type of foreign financial asset, value, and income earned from the asset must be reported on IRS Form 8938 continuation.