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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:
- Scroll up and click the Get Form button.
- Follow the green pointer and start filling out all the required fields.
- To complete the document, use the various annotation and editing tools, such as checkmarks, circles, and crosses.
- Review the document and check for errors and typos.
- Click Done to finalize the process and download the form.
- 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.
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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