IRS 8938 2019 free printable template

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...

How to fill out IRS 8938

How to fill out IRS 8938

1. Obtain IRS Form 8938 from the IRS website or your tax preparation software.
2. Begin by filling out your personal information at the top of the form, including your name, address, and taxpayer identification number.
3. Determine your filing threshold based on your filing status and the value of your foreign financial assets.
4. Complete Part I by reporting the details of your foreign financial assets, including account numbers, institutions, and maximum values during the tax year.
5. Fill out Part II if you held certain types of foreign assets, such as foreign stocks or securities.
6. Review the instructions carefully to ensure you include all required assets and information.
7. Sign and date the form before submitting it with your tax return.

Who needs IRS 8938?

1. Any U.S. taxpayer who has an interest in specified foreign financial assets and meets certain thresholds must file IRS Form 8938.
2. This includes individuals and joint filers with foreign assets exceeding the applicable reporting threshold.
3. It may also apply to certain domestic entities holding foreign assets.

• Who Needs IRS Form 8938?
• What is IRS Form 8938 for?
• Is IRS form 8938 accompanied by other forms?
• • When is IRS Form 8938 Due?
  • How do I Fill out IRS Form 8938?
  • Where do I send IRS form 8938?

Who Needs IRS Form 8938?

Everyone who holds financial assets outside the United States or is somehow connected with foreign entities is required to fill out Form 8938. An important requirement for filing the form is that the value of all foreign assets should exceed the particular threshold.

What is IRS Form 8938 for?

Form 8938 is used to report all the foreign financial assets a taxpayer holds somewhere abroad. However, foreign financial assets are a collective notion. The IRS differentiates some types of such assets. They are as follows:

• The accounts held in financial institution outside the UAS
• Foreign stocks and bonds
• Interest in a foreign organization or corporation
• Any financial documentation

Is IRS form 8938 accompanied by other forms?

Initially form 8938 was designed as a part of FATWA short for Foreign Account Tax Compliance Act. According to the regulations an individual fills out Form 8938 and attaches it to their annual return which may be one of the following: Form 1040, Form 1040NR, Form 1041, etc.

When is IRS Form 8938 Due?

The form should be sent to the IRS only when it is attached to the annual return or amended return by April 18th, 2017.

How do I Fill out IRS Form 8938?

The form is rather complicated with four parts that need to be completed. Prior to filling out the four parts of the form, an individual should complete the fields with their identification information and define which type of filer they are.

Each part of the form accounts for a particular type of foreign asset such as: financial accounts, stocks, bonds, etc.

Where do I send IRS form 8938?

The form together with the annual income return is sent to the IRS.

Instructions and Help about IRS 8938

Okay for this video I wanted to cover a sample 8938 filing now the 8938 is a statement of specified foreign financial assets, so generally this needs to be filed if you as a U.S. person, so that's a U.S. individual taxpayer or if you have certain types of U.S. entities so U.S. corporations partnerships need to file this disclosure if you as the beneficial owner have foreign financial assets right and those foreign financial assets have to exceed certain thresholds during the year and if they do then you need to file this form with your tax return okay, so I've got one sample in front of us here that we'll walk through and then a slide here with some rules and filing thresholds and then the fact pattern that we're going to be working with so if we start at the top here and just kind of work our way down again just to reiterate the 8938 filed by us persons that have a beneficial interest in foreign financial assets, so these are foreign bank accounts uh foreign investments and stocks and other securities bonds um if you have direct interest in foreign entities right so...

People Also Ask about

Who must file Form 8938?

To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

What is IRS Form 8938 and who needs to file?

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

How is Form 8938 different from FBAR?

The Form 8938 filing requirement does not replace or otherwise affect a taxpayer's obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.

Who must file form 8938?

To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

What is the IRS threshold for 8938?

Specified Domestic Entities: The total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.

What is the difference between FBAR and form 8938?

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.

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What is IRS 8938?

IRS Form 8938 is a form used by certain U.S. taxpayers to report their specified foreign financial assets.

Who is required to file IRS 8938?

U.S. taxpayers who have an interest in specified foreign financial assets and whose total value exceeds certain thresholds must file IRS Form 8938.

How to fill out IRS 8938?

To fill out IRS Form 8938, taxpayers must provide specific information about their foreign financial assets, including the type of asset, account numbers, maximum values during the year, and the country in which the asset is held.

What is the purpose of IRS 8938?

The purpose of IRS Form 8938 is to increase transparency and compliance related to foreign financial assets and to prevent tax evasion.

What information must be reported on IRS 8938?

Taxpayers must report information such as the description of the asset, the name and address of the financial institution, the account number, and the maximum value of the asset during the tax year.