Cat. No. 37753A Form 8938 2016 Page 2 7a b Global Intermediary Identification Number GIIN Optional Mailing address of financial institution in which account is maintained. Number street and room or suite no. Form Department of the Treasury Internal Revenue Service Statement of Specified Foreign Financial Assets OMB No* 1545-2195 Information about Form 8938 and its separate instructions is at www*irs*gov/form8938. Attach to your tax return* For calendar year 20 or tax year beginning If you have...attached continuation statements check here and ending Attachment Sequence No* 175 Number of continuation statements Name s shown on return Type of filer Specified individual b Partnership c a Corporation d Trust If you checked box 3a skip this line 4. If you checked box 3b or 3c enter the name and TIN of the specified individual who closely holds the partnership or corporation* If you checked box 3d enter the name and TIN of the specified person who is a current beneficiary of the trust. See...instructions for definitions and what to do if you have more than one specified individual or specified person to list. Part I b TIN Name Foreign Deposit and Custodial Accounts Summary Number of Deposit Accounts reported in Part V. Maximum Value of All Deposit Accounts. Number of Custodial Accounts reported in Part V. Were any foreign deposit or custodial accounts closed during the tax year 2 TIN. Yes 2 Other Foreign Assets 1a 1b 1c 1d 1e 1f 1g 2a 2b 2c 2d 2e 2f 2g b Tax item Interest Dividends...Royalties Other income Gains losses Deductions Credits c Amount reported on form or schedule No Summary of Tax Items Attributable to Specified Foreign Financial Assets see instructions a Asset Category Custodial Accounts Number of Foreign Assets reported in Part Vl. Where reported d Form and line e Schedule and line Excepted Specified Foreign Financial Assets see instructions If you reported specified foreign financial assets on one or more of the following forms enter the number of such forms...filed* You do not need to include these assets on Form 8938 for the tax year. 1. Number of Forms 3520 Part V Detailed Information for Each Foreign Deposit and Custodial Account Included in the Part I Summary see instructions If you have more than one account to report in Part V attach a continuation statement for each additional account see instructions. Deposit Custodial 2 Account number or other designation Type of account Account opened during tax year Account closed during tax year No tax...item reported in Part III with respect to this asset Account jointly owned with spouse Did you use a foreign currency exchange rate to convert the value of the account into U*S* dollars. If you answered Yes to line 5 complete all that apply. a Foreign currency in which account is maintained convert to U*S* dollars Treasury Department s Bureau of the Fiscal Service Check all that apply For Paperwork Reduction Act Notice see the separate instructions. City or town state or province and country...including postal code Name of financial institution in which account is maintained Description of asset 2 Identifying number or other designation Complete all that apply.
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How to fill out IRS 8938
Instructions and Help about IRS 8938
How to edit IRS 8938
You can edit Form 8938 using pdfFiller, which provides easy tools for annotation and editing. Once you upload the form, simply select the ‘Edit’ option to make necessary changes. Save your edited version before proceeding to submit it to ensure all information is accurate and up-to-date.
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To fill out IRS Form 8938 accurately, gather all necessary information about your specified foreign financial assets. Complete each section carefully, following the instructions provided. Use pdfFiller's user-friendly interface to input your data and check for errors before finalizing the form.
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What is IRS 8938?
IRS Form 8938, or the Statement of Specified Foreign Financial Assets, is used by certain U.S. taxpayers to report their foreign financial assets. This form was introduced as part of the Foreign Account Tax Compliance Act (FATCA) to combat tax evasion by U.S. citizens and residents holding foreign financial accounts.
Who needs the form?
U.S. taxpayers, including citizens, resident aliens, and certain non-resident aliens, are required to file Form 8938 if they have specified foreign financial assets exceeding the reporting threshold. This typically includes individuals living outside the United States and those with significant foreign investments.
Components of the form
IRS Form 8938 includes sections to report different types of foreign financial assets, including foreign bank accounts, securities, and interests in foreign entities. Each asset category requires specific details, such as the asset's name, address, and maximum value during the tax year.
How many copies of the form should I complete?
Taxpayers should complete one copy of IRS Form 8938 to submit with their tax return. However, it is advisable to keep a copy of the completed form for personal records and any potential future inquiries from the IRS.
What are the penalties for not issuing the form?
Failure to file IRS Form 8938 when required may result in severe penalties. The IRS imposes a failure-to-file penalty starting at $10,000, along with additional penalties for continued non-compliance after notification. It's essential to comply with reporting requirements to avoid these consequences.
Where do I send the form?
Form 8938 should be sent to the same address where you file your tax return. If you are filing electronically, the form can be included with your e-filed return, ensuring that all information is submitted together for efficient processing by the IRS.
What is the purpose of this form?
The purpose of IRS Form 8938 is to ensure that U.S. taxpayers report any specified foreign financial assets with an aggregate value exceeding certain thresholds. By requiring disclosure of these assets, the IRS aims to improve tax compliance and transparency related to foreign holdings.
When am I exempt from filling out this form?
Taxpayers may be exempt from filing Form 8938 if their specified foreign financial assets are valued below the reporting thresholds. Additionally, certain accounts, such as those maintained by financial institutions or those reported on other forms, may not need to be included.
Due date
IRS Form 8938 is due on the same date as your income tax return, typically April 15. If an extension is applied for the tax return, the due date for Form 8938 will also extend accordingly. However, it is still essential to file on time to avoid potential penalties.
What payments and purchases are reported?
Form 8938 primarily requires reporting on specified foreign financial assets, such as foreign bank accounts, foreign stocks, and various other investments. Taxpayers must disclose the details of assets that fall within the defined parameters set by the IRS under FATCA.
What information do you need when you file the form?
When filing Form 8938, taxpayers need detailed information about their specified foreign financial assets, including account numbers, asset values, and the identities of foreign financial institutions. Accurate and comprehensive data submission is crucial for proper compliance.
Is the form accompanied by other forms?
IRS Form 8938 may need to be submitted alongside other forms, such as Form 1040 or other tax compliance documents, depending on individual tax situations. Ensure that all required forms are completed to meet tax obligations fully.
FAQ about IRS 8938
What should I do if I realize I've made a mistake on my 2016 form 8938 after filing?
If you've made a mistake on your 2016 form 8938, you can file an amended return to correct the errors. It's essential to address these mistakes promptly to avoid potential penalties. Ensure you're using the correct version of the form and indicate that it's an amended submission.
How can I verify if my 2016 form 8938 has been received and processed?
To verify the receipt and processing of your 2016 form 8938, you can check the IRS website for e-file status tracking if you submitted electronically. For paper filings, contacting the IRS directly may provide updates, although they usually take longer to process.
Are there any fees associated with e-filing the 2016 form 8938?
E-filing the 2016 form 8938 may involve a fee if you use third-party tax software or a tax professional. However, many software options may offer competitive rates or even free services for simple filings, so it's advisable to compare options.
What should I do if I receive a notice from the IRS regarding my 2016 form 8938?
If you receive a notice from the IRS about your 2016 form 8938, carefully read the correspondence and gather any necessary documentation to respond appropriately. It's crucial to address any concerns raised by the IRS in a timely manner to avoid escalated penalties.
Can I use an electronic signature for the 2016 form 8938?
Yes, you can use an electronic signature for the 2016 form 8938 when filing electronically. Ensure that your e-filing software is capable of supporting electronic signatures, as they must meet the IRS standards for security and authenticity.
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