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How to fill out about form 8938 statement

How to fill out about form 8938 statement

1. To fill out Form 8938 (Statement of Specified Foreign Financial Assets), follow these steps:
2. Start by downloading Form 8938 from the official IRS website.
3. Provide your personal information such as name, address, and taxpayer identification number (TIN).
4. Identify the type of filer you are by checking the appropriate box (individual, corporation, partnership, etc.).
5. Determine the reporting period for which you are filing the form.
6. Report your specified foreign financial assets in Part I of the form. This includes bank accounts, financial accounts held at foreign institutions, certain foreign retirement plans, and other foreign investments.
7. Fill out Part II if you are a specified individual who has an interest in a specified foreign financial asset that is reported on a related Form 3520 or 3520-A.
8. Complete Part III if you have any specified foreign financial assets that do not have to be reported on any other form with the IRS.
9. Calculate the total value of your specified foreign financial assets and enter it in Part IV.
10. If you meet the filing threshold for Form 8938, sign and date the form.
11. Keep a copy of the completed form for your records and submit it to the IRS along with your tax return.

Who needs about form 8938 statement?

1. Form 8938 is required to be filed by certain U.S. taxpayers who have specified foreign financial assets that meet the reporting threshold. The following individuals or entities generally need to file Form 8938:
2. - U.S. citizens or resident aliens residing in the United States
3. - Certain non-resident aliens who are bona fide residents of American Samoa or Puerto Rico
4. - Non-resident aliens who elect to be treated as resident aliens for tax purposes
5. - Domestic entities that are formed or availed of for purposes of holding, directly or indirectly, specified foreign financial assets
6. It is important to consult the IRS guidelines or a tax professional to determine if you meet the requirements for filing Form 8938.

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What is about form 8938 statement?

Form 8938 is a Statement of Specified Foreign Financial Assets.

Who is required to file about form 8938 statement?

Individuals who are U.S. citizens, residents, and certain non-resident aliens that have specified foreign financial assets.

How to fill out about form 8938 statement?

Form 8938 must be attached to your annual tax return and requires information about the specified foreign financial assets you are required to report.

What is the purpose of about form 8938 statement?

The purpose of Form 8938 is to help the U.S. government identify individuals who may be evading taxes by hiding assets in foreign countries.

What information must be reported on about form 8938 statement?

Information such as the maximum value of financial accounts maintained by a foreign financial institution, the value of foreign stock, securities, and other financial instruments.