Cat. No. 37753A Form 8938 2018 Page 2 b Global Intermediary Identification Number GIIN Optional Mailing address of financial institution in which account is maintained. Number street and room or suite no. 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. Form Department of the Treasury Internal Revenue Service Statement of Specified Foreign Financial Assets OMB No* 1545-2195 Go to www*irs*gov/Form8938 for instructions and the latest information* 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 Trust a...Corporation d 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. 2 Taxpayer Identification Number TIN a Name Part I 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 b TIN Foreign Deposit and Custodial Accounts Summary. 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 Yes 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. 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 7a Name of financial institution in which account is maintained Description of asset 2 Identifying number or other designation e 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
To edit IRS 8938, you can utilize pdfFiller’s tools to modify the form as needed. Start by uploading the form to the platform. Once uploaded, you can add or remove text, adjust lines, and insert information according to your requirements.
How to fill out IRS 8938
Filling out IRS 8938 involves several steps. Begin by gathering the necessary financial information to ensure accuracy. Follow these steps to complete the form:
01
Download the IRS 8938 from an official source or access it through pdfFiller.
02
Provide your personal information, including name, address, and Taxpayer Identification Number (TIN).
03
Detail your foreign financial assets in the relevant sections, ensuring you meet the reporting thresholds.
04
Review the information for accuracy before submission.
About IRS 8 previous version
What is IRS 8938?
IRS 8938 is a tax form used by certain U.S. taxpayers to report specified foreign financial assets. The form is part of the IRS's efforts to improve tax compliance and prevent tax evasion involving foreign accounts. It is a requirement for taxpayers who meet specific criteria regarding foreign asset holdings.
Who needs the form?
U.S. citizens and resident aliens must file IRS 8938 if they hold specified foreign financial assets exceeding certain thresholds. These thresholds vary based on filing status and whether the taxpayer resides in the U.S. or abroad. Understanding these criteria is essential for compliance and accurate reporting.
Components of the form
IRS 8938 consists of several components that need to be completed accurately. Key sections include personal information, asset descriptions, and the total value of the specified foreign financial assets. Each section must be filled out carefully to avoid penalties and ensure compliance with IRS guidelines.
What payments and purchases are reported?
IRS 8938 requires reporting on various types of foreign financial assets. These may include foreign bank accounts, stocks, bonds, mutual funds, and any other investments held outside the United States. Taxpayers must report asset information even if they are not generating income.
What information do you need when you file the form?
When filing IRS 8938, gather the following information: your name, address, TIN, and details about your specified foreign financial assets including account numbers, financial institution names, and the maximum values of the assets during the tax year. This information is critical for accurate reporting and compliance.
Where do I send the form?
IRS 8938 should be mailed to the IRS along with your tax return if you are filing by mail. If you are submitting electronically, include it as part of your e-filing process. Be sure to check the instructions for the most current mailing address based on your state of residence and specific tax situation.
What is the purpose of this form?
The purpose of IRS 8938 is to enhance transparency regarding foreign financial assets. Taxpayers must report their foreign assets to ensure compliance with the Foreign Account Tax Compliance Act (FATCA). This form aids the IRS in tracking overseas accounts and assets to prevent tax evasion.
When am I exempt from filling out this form?
You may be exempt from filing IRS 8938 if your foreign financial assets are below the threshold amounts set by the IRS. Additionally, certain exclusions apply for assets held in accounts reported on other forms, like the FBAR (FinCEN Form 114). If your situation falls under one of these exemptions, you do not need to file the form.
Due date
The due date for submitting IRS 8938 is generally the same as your tax return, usually April 15, unless an extension is filed. If you are filing after an extension, ensure that the form is included with your extended tax return submission. Timeliness is crucial to avoid any potential penalties.
What are the penalties for not issuing the form?
Failing to file IRS 8938 can result in significant penalties. The IRS imposes a failure-to-file penalty that can start at $10,000. Continuing non-compliance may lead to additional penalties, which can accrue over time. It's essential to submit the form accurately and on time to avoid these repercussions.
Is the form accompanied by other forms?
IRS 8938 is generally filed with Form 1040 and may need to be accompanied by other tax forms or schedules depending on your specific tax situation. It is important to ensure that you meet all reporting requirements for your foreign assets in conjunction with your primary tax return.
FAQ about IRS 8938
What should I do if I need to correct an error on my IRS Form 8938?
If you discover an error on your IRS Form 8938 after submitting it, you can file an amended return using Form 1040-X. Make sure to include the corrected information on your amendment. It's essential to keep records of both the original and amended forms to ensure compliance.
How can I verify if my IRS Form 8938 has been received and processed?
To check the status of your IRS Form 8938, you can use the IRS 'Where's My Refund?' tool if you filed it with a tax return. Alternatively, you may contact the IRS directly for more specific processing inquiries. Keep in mind that processing times can vary.
Are there common errors to avoid when filing IRS Form 8938?
Yes, common errors include failing to report all required foreign assets, mismatched taxpayer identification numbers (TINs), and incorrect calculations of asset values. Double-check your entries and ensure you have included all necessary documentation to minimize the risk of errors.
What should I do if I receive a notice from the IRS regarding my Form 8938?
If you receive a notice from the IRS about your Form 8938, read it carefully to understand the issue. Prepare any required documentation and respond promptly as instructed. It's important to retain records of all correspondence for your records and future reference.
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