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 edit IRS 8938
How to fill out IRS 8938
Instructions and Help about IRS 8938
How to edit IRS 8938
Editing IRS Form 8938 can be done using pdfFiller's various features that allow users to make corrections easily. You can open the form in pdfFiller, use editing tools to modify information, and save the updated version. Ensure that all modifications are accurate before submission.
How to fill out IRS 8938
Filling out IRS Form 8938 involves several steps to ensure accurate reporting of foreign financial assets. Start by gathering all necessary financial information, including account numbers, bank names, and values. Follow the guidelines provided in the form to ensure that all required dimensions are complete, paying special attention to thresholds which trigger reporting requirements.
About IRS 8 previous version
What is IRS 8938?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 8 previous version
What is IRS 8938?
IRS Form 8938 is a tax form used by U.S. taxpayers to report specified foreign financial assets. This form is part of the IRS efforts to combat tax evasion by ensuring that all foreign financial interests are reported. It is essential for compliance with the Foreign Account Tax Compliance Act (FATCA).
What is the purpose of this form?
The purpose of IRS Form 8938 is to disclose foreign financial assets that exceed specified thresholds. Filing this form helps the IRS track American citizens and residents who may attempt to hide foreign income or assets. By disclosing these assets, taxpayers avoid potential penalties for non-compliance.
Who needs the form?
Taxpayers must file IRS Form 8938 if they hold specified foreign financial assets exceeding certain thresholds. This includes U.S. citizens, residents, and certain non-residents under specific circumstances. Individuals living abroad and those who have foreign accounts or partnerships should particularly be aware of their filing obligations.
When am I exempt from filling out this form?
You may be exempt from filing IRS Form 8938 if your specified foreign financial assets are below the reporting threshold. Additionally, certain exceptions apply, such as if you are filing a joint return, and both you and your spouse fall below the threshold. Understanding these exemptions can save you from unnecessary paperwork.
Components of the form
IRS Form 8938 includes various sections where taxpayers must provide details about their foreign financial assets. Key components include the description of the asset, the financial institution name, account numbers, and the maximum value of the asset reported during the tax year. Each section must be completed meticulously to avoid errors.
What are the penalties for not issuing the form?
Failing to file IRS Form 8938 can result in significant penalties, including a failure-to-file penalty of up to $10,000 for each annual period. Additional penalties may apply if the IRS deems the failure to be willful, potentially leading to larger fines. Therefore, ensuring compliance is crucial to avoid these costly repercussions.
What information do you need when you file the form?
When filing IRS Form 8938, you need to gather comprehensive information regarding your foreign financial assets. This includes the type of asset, financial institution details, country of the asset, and the asset's value. Detailed record-keeping is essential to ensure accuracy in reporting and to provide supporting documentation if necessary.
Is the form accompanied by other forms?
IRS Form 8938 may need to be filed alongside other forms, such as the FBAR (FinCEN Form 114), depending on the financial assets being reported. However, it is critical to understand that these forms serve different purposes, and each must be completed according to IRS guidelines to meet compliance requirements.
Where do I send the form?
You should send IRS Form 8938 to the address specified in the form's instructions. Generally, it is filed with your annual tax return, which can be submitted electronically or via mail. Ensure that you check the latest instructions for any updates to submission guidelines or addresses.
FAQ about IRS 8938
How can I correct mistakes after filing IRS 8938?
If you realize there are mistakes on your submitted IRS 8938, you can submit an amended form. It's crucial to clearly indicate that it's an amendment and explain the reasons for the changes. This ensures the IRS processes your corrected filing properly.
What should I do if I receive an IRS notice after filing?
Upon receiving an IRS notice related to your IRS 8938, carefully read the document to understand the issue. Prepare any necessary documentation and respond within the specified timeframe to resolve the matter satisfactorily.
How can I verify the IRS received my IRS 8938 filing?
To verify receipt of your IRS 8938, you can check your submission status through the IRS e-File system if you filed electronically. Alternatively, contacting the IRS directly can provide confirmation for any paper submissions.
What e-file rejection codes might I encounter with IRS 8938?
Common e-file rejection codes for IRS 8938 may include issues like missing taxpayer information or discrepancies in reported income. Reviewing the specific rejection code can help you correct the filing and resubmit successfully.
Is e-signature acceptable for filing IRS 8938?
Yes, the IRS accepts e-signatures for filing Form 8938. Ensure that your e-signature complies with IRS guidelines, as this enhances the efficiency and security of your submission.
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