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21 FAR & FORM 8938 ORGANIZER FOR: 1) Report On Foreign Bank And Financial Accounts (Fin CEN Form 114 (formerly Form TD F 90-22.1) FAR), and 2) Statement Of Specified Foreign Financial Assets (IRS

How to fill out fbar amp form 8938

How to fill out FBAR (FinCEN Form 114) and Form 8938:

1. Gather the necessary information: Before filling out the forms, gather all the relevant financial information you need to report. This includes foreign bank account numbers, maximum balances, and other assets located outside the United States.
2. Understand the reporting thresholds: Both FBAR and Form 8938 have specific reporting thresholds. For FBAR, you need to file if the aggregate value of your foreign financial accounts exceeds $10,000 at any time during the calendar year. Form 8938, on the other hand, is required if the total value of your specified foreign assets exceeds certain thresholds, which vary depending on filing status and residency.
3. Fill out the FBAR form: Start by entering your personal information, such as your name, address, and social security number. Then, provide details about your foreign financial accounts, including the name, address, and account number for each account. You will also need to report the maximum value of each account during the calendar year.
4. Fill out Form 8938: Begin by entering your personal information, just like in FBAR. Then, proceed to report the value of your specified foreign assets, such as bank accounts, stocks, and partnerships. Provide the necessary details for each asset, including account numbers and financial institution names. You may need to attach additional sheets if you run out of space.
5. Review and submit your forms: Before submitting your forms, double-check all the information you have entered for accuracy. Mistakes or omissions can lead to penalties or delays in processing. After reviewing, sign and date the forms, and keep a copy for your records. Submit the completed forms to the appropriate agencies according to their instructions.

Who needs FBAR (Form 114) and Form 8938:

1. U.S. citizens and residents: Anyone who is a United States citizen or resident alien, including those with dual citizenship, must file FBAR and Form 8938 if they meet the reporting thresholds.
2. Foreign residents with U.S. tax obligations: Non-U.S. citizens who are considered "resident aliens" for tax purposes are also required to file FBAR and Form 8938 if they meet the reporting requirements.
3. Taxpayers with foreign financial accounts or specified foreign assets: If you have foreign financial accounts, such as bank accounts, brokerage accounts, or mutual funds, with a total aggregate value of $10,000 or more at any time during the year, you must file FBAR. Additionally, if the value of your specified foreign assets meets or exceeds the thresholds specified in Form 8938 instructions, you need to file this form as well.

For pdfFiller’s FAQs

What is fbar amp form 8938?

FBAR (Foreign Bank Account Report) and Form 8938 (Statement of Specified Foreign Financial Assets) are both required by the IRS to report foreign financial accounts and assets held by US taxpayers.

Who is required to file fbar amp form 8938?

US taxpayers who have foreign financial accounts or assets that meet certain thresholds are required to file both FBAR and Form 8938.

How to fill out fbar amp form 8938?

Form 8938 must be filled out with information about foreign financial assets including type of asset, maximum value during the year, and additional details such as account numbers and location.

What is the purpose of fbar amp form 8938?

The purpose of Form 8938 is to provide information to the IRS about foreign financial assets and ensure compliance with US tax laws, while FBAR is used to combat tax evasion.

What information must be reported on fbar amp form 8938?

Information such as the type of foreign financial asset, maximum value during the tax year, financial institution where the asset is held, and details about the account must be reported on Form 8938.

When is the deadline to file fbar amp form 8938 in 2023?

The deadline to file FBAR and Form 8938 is typically April 15th, but for the tax year 2023, it may be extended to October 15th if an extension is filed.

What is the penalty for the late filing of fbar amp form 8938?

The penalty for the late filing of Form 8938 can range from $10,000 to $50,000 depending on the circumstances, with additional penalties possible for continued non-compliance.

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