Get the free FORM 8938 - SPECIFIED FOREIGN FINANCIAL ASSETS

FORM 8938 FOREIGN FINANCIAL ASSET DISCLOSURES THE WHO, WHAT & HOW Charles (Chuck) Rubin 1 FORM 8938 — SPECIFIED FOREIGN FINANCIAL ASSETS Charles (Chuck) Rubin, Attorney at Law Gutter Chaves Joseph

How to fill out form 8938 - specified

How to fill out Form 8938 - specified:

1. Start by gathering all the necessary information and documents. You will need your personal details such as name, address, and social security number, as well as information about any specified foreign financial assets you hold.
2. Carefully read through the instructions provided by the Internal Revenue Service (IRS) to ensure you understand the requirements and reporting thresholds for Form 8938.
3. Begin completing the form by entering your personal information in the appropriate sections. Make sure all the details are accurate and up-to-date.
4. Proceed to Part I of the form, where you need to report your specified foreign financial assets. This includes assets such as bank accounts, stocks, bonds, mutual funds, and interests in foreign entities.
5. For each asset, provide the required information, including the maximum value of the asset during the tax year, the location, and any income earned from the asset.
6. If you have more assets to report than can fit in Part I, continue on additional sheets following the same format.
7. In Part II, report any foreign financial accounts you have, including bank accounts, brokerage accounts, and certain retirement or pension accounts. Provide the necessary details such as the account number, name of the financial institution, and maximum value of the account during the tax year.
8. If you have more accounts to report, use additional sheets as instructed.
9. Next, go to Part III and answer the questions regarding foreign trusts or ownership in foreign corporations or partnerships, if applicable. Follow the instructions provided by the IRS for each question.
10. Once you have completed all the relevant sections, review your answers and double-check for any errors or omissions.
11. Sign and date the form, certifying that the information provided is accurate and complete to the best of your knowledge.
12. Keep a copy of the completed Form 8938 for your records and submit it as instructed by the IRS along with your annual tax return.

Who needs Form 8938 - specified?

1. U.S. citizens and resident aliens who have an interest in specified foreign financial assets and meet the reporting threshold outlined by the IRS.
2. Individuals who are required to file Form 8938 may include those who have financial accounts in foreign banks, own stocks or bonds issued by foreign corporations, have interests in foreign partnerships or trusts, or have certain other financial instruments or investments in foreign entities.
3. The reporting threshold for individuals living in the United States is different from those living abroad. It is crucial to review the IRS guidelines to determine whether you need to file Form 8938 based on your specific circumstances.
4. Failing to file Form 8938 when required can result in penalties imposed by the IRS, so ensure compliance with the reporting obligations if you meet the criteria outlined by the IRS.

For pdfFiller’s FAQs

What is form 8938 - specified?

Form 8938, also known as the Statement of Specified Foreign Financial Assets, is used to report foreign financial assets to the IRS.

Who is required to file form 8938 - specified?

US citizens, resident aliens, and certain non-resident aliens who meet the filing threshold are required to file form 8938 if they have specified foreign financial assets.

How to fill out form 8938 - specified?

Form 8938 must be filled out with detailed information about the specified foreign financial assets, including the maximum value during the tax year, the type of asset, and the financial institution where the asset is held.

What is the purpose of form 8938 - specified?

The purpose of form 8938 is to combat tax evasion by ensuring that US taxpayers report their foreign financial assets and comply with tax laws.

What information must be reported on form 8938 - specified?

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

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