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This memorandum provides information regarding the new tax filing requirement for U.S. persons with foreign-source deferred compensation, retirement benefits, equity-based awards, and other specified
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How to fill out form 8938
How to fill out Form 8938
01
Obtain Form 8938 from the IRS website or your tax software.
02
Fill in your name, address, and Taxpayer Identification Number (TIN) at the top of the form.
03
In Part I, report your specified foreign financial assets by checking 'Yes' for the appropriate categories.
04
Provide detailed information for each asset, including the account number, name of the financial institution, and maximum value during the year.
05
In Part II, describe any additional foreign assets such as foreign stocks or securities, specifying the type and details.
06
Complete Part III by indicating if you had any foreign investment entities.
07
Review the instructions carefully to ensure all foreign assets are reported as required.
08
Sign and date the form before submitting it with your tax return.
Who needs Form 8938?
01
Individuals who have an interest in specified foreign financial assets and meet certain thresholds.
02
U.S. citizens, residents, and certain non-residents who may have foreign financial accounts or assets worth over $50,000 on any day during the tax year.
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People Also Ask about
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who needs to fill out form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who is exempt from FATCA reporting?
If you have an investment interest in the social security, social insurance, or a foreign government program of a similar nature, you'll not have to report such investments under FATCA's regulations.
Do I need to declare foreign property to the IRS?
File Form 8938. If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS.
Do I have to report foreign property to the IRS?
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS. Report foreign income.
What happens if I have more than $100,000 in a foreign bank account?
Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.
Who is required to file form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
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What is Form 8938?
Form 8938 is a tax form used by specified individuals to report their interests in specified foreign financial assets to the Internal Revenue Service (IRS).
Who is required to file Form 8938?
Specified individuals, including U.S. citizens, resident aliens, and certain non-resident aliens who meet the asset threshold requirements, are required to file Form 8938.
How to fill out Form 8938?
To fill out Form 8938, you must provide information about each specified foreign financial asset, including the asset type, value, and any income generated. You must also report specific details about your financial accounts and interests.
What is the purpose of Form 8938?
The purpose of Form 8938 is to increase transparency and ensure compliance with U.S. tax laws regarding foreign financial assets, helping to prevent tax evasion.
What information must be reported on Form 8938?
Form 8938 requires reporting of the total value of specified foreign financial assets, the nature of those assets, any income derived from them, and details regarding any foreign financial accounts, including account numbers and associated institutions.
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