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Form8938Department of the Treasury Internal Revenue ServiceStatement of Specified Foreign Financial Assets OMB No. 154521952020Go to www.irs.gov/Form8938 for instructions and the latest information.
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How to fill out form 8938 2020


How to fill out form 8938:

Obtain form 8938: You can download form 8938 from the Internal Revenue Service (IRS) website or request a copy from the IRS.
Provide personal information: Start by entering your name, social security number (or taxpayer identification number), and the tax year for which you are filing the form.
Report specified foreign financial assets: If you meet the filing thresholds, you must disclose your specified foreign financial assets. This includes reporting the maximum value of each asset during the tax year in US dollars.
Determine the filing threshold: Calculate whether you meet the filing threshold. The threshold varies for different filing statuses and living situations. If you meet the threshold, you need to fill out form 8938.
Report foreign accounts and assets: List all your foreign financial assets, including bank accounts, brokerage accounts, and certain types of investments. Provide detailed information about each account or asset such as its location, account number, and the name of the financial institution.
Comply with currency conversion: If you have foreign financial assets that are not denominated in US dollars, you will need to convert the values into US dollars using the applicable exchange rates.
File the form: Once you have completed the form, ensure that you sign and date it. Include the form with your regular income tax return when filing with the IRS.

Who needs form 8938:

US citizens and resident aliens: US citizens, resident aliens, and certain non-resident aliens living in the United States must file form 8938 if they meet the specified requirements.
Threshold requirements: Individuals need to file form 8938 if the total value of their specified foreign financial assets exceeds certain thresholds. These thresholds vary depending on their filing status and whether they live in the United States or abroad.
Reporting requirements: If you hold specified foreign financial assets such as bank accounts, brokerage accounts, or investments with a total value above the reporting thresholds, you are required to disclose this information by filing form 8938.
It is important to consult with a tax professional or refer to the IRS guidelines for specific details and to determine whether you meet the requirements for filling out form 8938.
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People Also Ask about form 8938

Comments and Help with how to 8938

What is IRS Form 8938 2020?

Form 8938 is used to disclose all foreign financial assets specific individuals or entities (defined by IRS) hold outside of the USA. However, foreign financial assets are a collective notion. The IRS singles out a few asset types. They are as follows:

  • Accounts held in a financial institution outside the USA
  • Foreign stocks and bonds
  • Interest in a foreign organization or corporation
  • Contracts that include non-US counterparties
  • Personal residences
  • Any financial documentation

In addition, form 8938 is often confused with FinCEN Form 114 (FBAR). The main difference is that the latter must be filed with the US Treasury and not the IRS. Visit the IRS website to check the extensive 8938 vs. FBAR comparison.

Who must file Form 8938 2020?

Everyone who holds financial assets outside the United States or has a connection with foreign entities must fill out the document. One of the essential Form 8938 filing requirements is that the total value of all foreign assets should exceed the particular threshold, which differs depending on the taxpayer’s type. You can learn more about the Form 8938 threshold in 2021 for every taxpayer type on the IRS website.

What information do I need to complete Form 8938?

8938 Form is complicated, with four parts that must be completed. Before filling out each section of the form, individuals 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.

How do I fill out Form 8938 in 2021?

Before completing IRS Form 8938, read it over carefully and check the latest Form 8938 instructions. To save time and resources, you can fill out the form online with pdfFiller. Follow these steps to efficiently complete your form online:

  1. Scroll up and click the Get Form button.
  2. Follow the green pointer and start filling out all the required fields.
  3. To complete the document, use the various annotation and editing tools, such as checkmarks, circles, and crosses.
  4. Review the document and check for errors and typos.
  5. Click Done to finalize the process and download the form.
  6. Select the option to send the form via USPS in your Dashboard if you prefer to send it via mail.

Is 8938 Form accompanied by other forms?

Initially, Form 8938 was part of FATCA (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 attached to the annual return or amended return by April 18th, 2021.

Where do I send 8938 Form?

Send the form and the annual income return to the IRS.

Video instructions and help with filling out and completing form 8938
Instructions and Help about fincen form 114
Hello Anthony hello Claudine we are continuing our FATWA series, and we've talked a lot about what FATWA is FATCAform 8938 which we're actually going to touch on a little more today and in the future as it's a little complicate din simple terms for those who don't know fat because the federal law that requires all US taxpayers even those living outside the US to report their non-usfinancial accounts yearly it's not a taxi's a reporting right, and it's actually specified fine foreign financial assets which is a little different from financial account yes because it includes financial accounts but includes a lot of other things it does incur last video we talked about STO Versus OLD p which is streamlined domestic offshore program versus the offshore voluntary disclosure program the different penalty basis, so that was pretty interesting and so to follow upon that today we did want to talk about the different types of specified foreign assets what the heck does specified foreign asset even mean right because of this specimen once you could be reporting everything or reported the income on something but because you didn't report a specified foreign asset that could spring something where there were just a delinquent return filing to actually spring it into this streamlined disclosure penalty base and so that'why it's pretty critical that we go overlie what could possibly be in that penalty base okay what are the things that are required to be put on form 8938alright there's quite a few so let'jump right in the first is of financial deposit and custodial accounts held at foreign financial institutions right this is a yes and this is just like a Far got there you goals there are the different thresholds which we've already discussed where the thresholds are in a previous video owe're not going to go over those again we'll put a tag, so people can get to that financial act held any foreign branch of a US financial institution no financial account held at a US branch of foreign financial institution no foreign financial account or asset for which you have signature of signatureAuthority now unless any income gains losses deductions credits gross proceeds or distributions from holding or disposing of the account or asset are or would be required to be reported included or otherwise reflected on your income tax return thanks particular yeah right that'really, really helpful isn't it, so the answer is if you have signatoryAuthority only and none of the money is yours okay that is where usually you won't, and it comes up when we have clients who have signatory authority only because they're managing someone else's money it's someone else's money you're not you don't really have a claim to it than that's a no it's just going to be on your f bar though got it yeah foreign stock or securities held in financial account at a foreign financial institution the account itself is subject to reporting, but the contents of the account do not have to be separately...


  • What information must be reported on form 8938?
    Form 8938, Statement of Specified Foreign Financial Assets, requires taxpayers to report their interests in certain foreign financial assets if the aggregate value of those assets exceeds the applicable threshold. The information required on Form 8938 includes: 1. Name, address, and U.S. taxpayer identification number (TIN) of the taxpayer and, if applicable, the taxpayer’s spouse 2. For each specified foreign financial asset: - Name and address of the financial institution - Account number - Maximum value of the asset during the tax year - Category of the asset 3. Total maximum value of all specified foreign financial assets during the tax year 4. Any tax year for which the asset was not reported on a U.S. federal income tax return 5. Any tax year for which an IRS Form 3520 or 3520-A was required to be filed 6. Any tax year for which an IRS Form 5471 was required to be filed 7. Any tax year for which an IRS Form 8621 was required to be filed 8. Any tax year for which an IRS Form 8865 was required to be filed 9. Any tax year for which an IRS Form 8858 was required to be filed 10. Any tax year for which an IRS Form 926 was required to be filed 11. Any tax year for which an IRS Form 8938 was required to be filed
  • What is the penalty for the late filing of form 8938?
    The penalty for the late filing of Form 8938 is $10,000, or 40 percent of the balance due, whichever is larger, plus an additional 5 percent for each month the form is late (up to a maximum of 25 percent). In addition, you will be subject to interest charges on any unpaid taxes.
  • When is the deadline to file form 8938 in 2023?
    The deadline to file Form 8938 (Statement of Specified Foreign Financial Assets) in 2023 is typically April 15th. However, if April 15th falls on a weekend or a holiday, the deadline may be extended to the following business day. It's always recommended to check the official IRS website or consult with a tax professional for the most up-to-date and accurate information related to tax deadlines.
  • What is form 8938?
    Form 8938 is a tax form used by US taxpayers to report their specified foreign financial assets. This form was introduced as part of the Foreign Account Tax Compliance Act (FATCA) and is designed to identify taxpayers who hold financial assets in foreign accounts or entities. It applies to individuals, partnerships, corporations, or trusts, who meet certain asset value thresholds. By reporting foreign financial assets, the IRS aims to prevent tax evasion by US taxpayers who may be hiding income or assets offshore.
  • Who is required to file form 8938?
    Form 8938, also known as the Statement of Specified Foreign Financial Assets, is required to be filed by certain U.S. taxpayers who have specified foreign financial assets that exceed certain thresholds. The individuals who are required to file this form include: 1. U.S. citizens living in the United States. 2. Resident aliens (including green card holders) living in the United States. 3. Non-resident aliens who elect to be treated as resident aliens for tax purposes. 4. Non-resident aliens who meet the substantial presence test and are filing a U.S. tax return. 5. U.S. corporations, partnerships, trusts, and estates. It is important to note that the specific thresholds for filing Form 8938 may vary depending on the taxpayer's filing status, residency status, and whether they reside inside or outside the United States. Therefore, it is recommended to review the instructions provided by the IRS or consult a tax professional to determine if filing Form 8938 is necessary.
  • How to fill out form 8938?
    Form 8938 is used to report specified foreign financial assets if their total value exceeds certain threshold limits. Here are the steps to fill out Form 8938: 1. Obtain the necessary information: Gather all the relevant information regarding your specified foreign financial assets. This may include bank accounts, investment accounts, certain foreign retirement plans, foreign-issued securities, and other specified foreign financial instruments. 2. Identify the threshold: Determine whether you meet the reporting threshold for filing Form 8938. The threshold varies depending on your filing status and residency status, so carefully review the IRS instructions to determine if you are required to file. 3. Complete Part I - Identification of filer: Provide your personal information such as your name, Social Security number or taxpayer identification number, and current address. 4. Complete Part II - Information on specified foreign financial assets: Report the details of each specified foreign financial asset separately. This includes the type of asset, the maximum value during the tax year, and the country where the asset is held. 5. Complete Part III - Summary of specified foreign financial assets: Summarize the total value of all specified foreign financial assets you have reported. 6. Complete Part IV - Explanation of specified foreign financial assets: Use this section to explain any additional details or provide clarifications for the assets you have reported. 7. Review and sign: Carefully review the completed form to ensure accuracy and completeness. Sign and date the form where indicated. 8. Attach the form to your tax return: Attach Form 8938 to your annual income tax return, such as Form 1040 or 1040NR. It is important to note that filing Form 8938 does not replace the requirement to file the Report of Foreign Bank and Financial Accounts (FBAR) if you meet the FBAR filing threshold. Both forms may need to be filed if applicable.
  • What is the purpose of form 8938?
    Form 8938, also known as the Statement of Specified Foreign Financial Assets, is used by US taxpayers to report specified foreign financial assets. The purpose of this form is to satisfy the reporting requirements set forth by the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted to counter tax evasion by US taxpayers holding investments or accounts in foreign countries. Form 8938 helps the US government gather information about taxpayers' offshore financial accounts, ensuring compliance and preventing tax evasion. The form must be filed by US citizens, resident aliens, and certain non-resident aliens who have a financial interest in, or signature authority over, specified foreign financial assets that exceed certain thresholds. This includes various types of financial accounts such as bank accounts, brokerage accounts, and certain foreign investments. By reporting these assets, the US government can better enforce tax laws and maintain transparency in offshore financial holdings, reducing the potential for tax evasion.
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