Get the free Form 8938 (2017)

Form 8938 (2017)Part Page 2Detailed Information for Each Foreign Deposit and Custodial Account Included in the Part I Summary (see instructions) (continued)7a Name of financial institution in which

How to fill out form 8938 2017

How to fill out form 8938 2017

1. To fill out form 8938 for the year 2017, follow these steps:
2. Begin by entering your full name and Social Security number at the top of the form.
3. Next, provide information about your foreign financial assets, including the type of asset and its value in U.S. dollars.
4. If you have multiple foreign financial assets, list each one separately on the form.
5. In Part II of the form, report any foreign income associated with the listed assets.
6. If you meet the specified threshold for reporting, calculate and enter the total value of your foreign financial assets in Part III.
7. Ensure all required information is provided and the form is signed and dated properly.
8. Review the completed form to ensure accuracy before submitting it to the IRS.
9. Keep a copy of the filled-out form for your records.
10. Note: This is a general guide and may not cover all specific situations. For detailed instructions, refer to the official IRS guidelines or consult a tax professional.

Who needs form 8938 2017?

1. Form 8938 for the year 2017 is required to be filed by certain U.S. taxpayers who have specified foreign financial assets.
2. You need to file this form if the total value of your foreign financial assets exceeds the reporting threshold set by the IRS.
3. This form is applicable to individuals, corporations, partnerships, trusts, and estates who meet the criteria specified by the IRS.
4. It is important to consult the official IRS guidelines or a tax professional to determine if you are required to file form 8938 for the year 2017.

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What is form 8938?

Form 8938, Statement of Specified Foreign Financial Assets, is a U.S. Internal Revenue Service (IRS) form used to report certain foreign financial assets.

Who is required to file form 8938?

U.S. taxpayers, including individuals, married individuals filing jointly, and certain entities, who have an interest in specified foreign financial assets and meet certain thresholds must file Form 8938.

How to fill out form 8938?

To fill out Form 8938, taxpayers must provide personal information, list their specified foreign financial assets, report the maximum value of these assets during the tax year, and sign the form.

What is the purpose of form 8938?

The purpose of Form 8938 is to ensure reporting of foreign financial assets to the IRS, aiming to combat tax evasion and enhance transparency.

What information must be reported on form 8938?

Form 8938 requires reporting details such as the type of asset, the amount of income generated, maximum value during the year, and any foreign account numbers.