Get the free Instructions for Form 8938 - IRS.gov

This form is referenced in an end note at the Bradford Tax Institute. CLICK HERE to go to the home page. 2015 Department of the Treasury Internal Revenue Service Instructions for Form 8938 Statement

How to fill out instructions for form 8938

How to fill out instructions for form 8938

1. Start by gathering all the necessary information and documents required to complete form 8938.
2. Carefully read the instructions provided with form 8938 to understand the requirements and the information you need to provide.
3. Ensure you have the correct version of form 8938 to avoid any errors or delays.
4. Begin filling out the form by entering your personal information, such as your name, address, and Social Security number.
5. Follow the instructions provided to report the specified financial assets and accounts on form 8938.
6. Provide accurate and detailed information about each financial asset, including the account number, maximum value, and any income generated.
7. If you have multiple financial assets to report, make sure to include all the necessary information for each one separately.
8. Check for any additional forms or schedules that may need to be attached to form 8938, such as Form 5471 for certain foreign corporations.
9. Double-check all the information entered to ensure it is accurate and complete.
10. Sign and date the completed form 8938 before submitting it along with any required supporting documents to the appropriate tax authority.

Who needs instructions for form 8938?

1. Individuals who are considered specified individuals and meet the filing requirements as specified by the IRS.
2. U.S. citizens and resident aliens who have an interest in specified foreign financial assets and meet the specified threshold.
3. Married individuals filing a joint return may have to file form 8938 even if only one spouse meets the filing requirements.
4. Certain nonresident individuals who elect to be treated as resident aliens for tax purposes.
5. Those who had an interest in foreign financial assets valued at $50,000 or more on the last day of the tax year, or $75,000 or more at any time during the tax year.
6. Exclusions and exceptions may apply, so it is crucial to carefully review the instructions provided by the IRS or consult a tax professional.

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What is instructions for form 8938?

Form 8938 is used to report specified foreign financial assets.

Who is required to file instructions for form 8938?

U.S. citizens, resident aliens, and certain nonresident aliens must file Form 8938 if they have specified foreign financial assets.

How to fill out instructions for form 8938?

Form 8938 must be completed with detailed information about the specified foreign financial assets held during the tax year.

What is the purpose of instructions for form 8938?

The purpose of Form 8938 is to prevent tax evasion by ensuring that taxpayers report their foreign financial assets.

What information must be reported on instructions for form 8938?

Information such as the type of asset, maximum value during the tax year, and specific details about each specified foreign financial asset must be reported on Form 8938.