Get the free Form 8938 disclosure - SOMMERS TAXAPEDIA

8938 Form (November 2011) Statement of Specified Foreign Financial Assets., See separate instructions Department of the Treasury Internal Revenue Service OMB No. 1545-2195 Attachment Sequence No.

How to fill out form 8938 disclosure

How to fill out Form 8938 disclosure:

1. Download the most recent version of Form 8938 from the official website of the Internal Revenue Service (IRS).
2. Carefully read the instructions provided with the form to understand the requirements and ensure you have all the necessary information.
3. Start by entering your personal information, including your name, address, and social security number, at the top of the form.
4. Provide the details of your specified foreign financial assets, such as bank accounts, brokerage accounts, and certain other financial accounts, in Part I of the form.
5. Use the currency code provided to report the maximum value of your assets in U.S. dollars. If necessary, use the IRS exchange rates for conversion.
6. If you had any foreign investment or ownership interests, including stocks, securities, and other ownership interests in foreign entities, report them in Part II of the form.
7. Fill out Part III of the form to report any foreign financial accounts for which you have signature authority but no financial interest.
8. In Part IV, disclose any specified foreign financial assets that are held through foreign entities you control or are related to. Provide the required information about those entities.
9. Complete Part V if you are filing Form 8938 due to an IRS request for additional information about your foreign assets.
10. Review your completed Form 8938 to ensure accuracy and consistency of information provided.
11. Attach Form 8938 to your annual income tax return (such as Form 1040) and submit them together to the IRS by the required deadline.

Who needs Form 8938 disclosure:

1. U.S. citizens or resident aliens who have an interest in specified foreign financial assets and meet the filing threshold determined by the IRS.
2. As of the tax year 2020, the reporting threshold for taxpayers living in the United States is $50,000 on the last day of the year or $75,000 at any point during the year.
3. For married taxpayers filing jointly, these thresholds double to $100,000 and $150,000 respectively.
4. Taxpayers living abroad have higher reporting thresholds, which vary depending on filing status and location.
5. It's important to consult the IRS guidelines or a tax professional to determine if you meet the filing requirements for Form 8938.

For pdfFiller’s FAQs

What is form 8938 disclosure?

Form 8938 disclosure is a form used to report specified foreign financial assets.

Who is required to file form 8938 disclosure?

Individuals who meet the filing threshold for specified foreign financial assets.

How to fill out form 8938 disclosure?

Form 8938 disclosure can be filled out electronically or by mail according to the instructions provided by the IRS.

What is the purpose of form 8938 disclosure?

The purpose of form 8938 disclosure is to help taxpayers comply with reporting requirements for specified foreign financial assets.

What information must be reported on form 8938 disclosure?

Information such as the maximum value of specified foreign financial assets during the year, and any income, gains, losses, deductions, credits, and taxes related to these assets must be reported on form 8938 disclosure.

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