Get the free Is Form 8938 Required if I Report Foreign Accounts on FBAR?

3FBAR & FORM 8938 ORGANIZER FOR: 1) Report On Foreign Bank And Financial Accounts (Fin CEN Form 114 (formerly Form TD F 9022.1) FAR×, and 2) Statement Of Specified Foreign Financial Assets (IRS Form

How to fill out is form 8938 required

How to fill out is form 8938 required

1. To fill out IRS Form 8938, follow these steps:
2. Provide your personal information, such as name, social security number, and address.
3. Indicate your filing status on the form.
4. Report your specified foreign financial assets by filling out the appropriate sections.
5. Determine the maximum value of each asset during the tax year and report it accurately.
6. Provide additional details about each asset, such as the account number, location, and the name of the financial institution.
7. Calculate the total value of all your foreign financial assets and report it on the relevant line.
8. Sign and date the form, certifying that the information provided is true and complete.
9. Attach the completed Form 8938 to your annual tax return and submit it to the Internal Revenue Service (IRS).

Who needs is form 8938 required?

1. Form 8938 is required by U.S. taxpayers who meet certain thresholds for foreign financial assets.
2. Generally, you need to file this form if you are a specified individual and the total value of your specified foreign financial assets exceeds the reporting thresholds.
3. Specified individuals include U.S. citizens, resident aliens, and non-resident aliens who meet certain conditions.
4. It is important to consult the IRS guidelines or seek professional advice to determine if you specifically need to file Form 8938.

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What is form 8938 required?

Form 8938 is a reporting form used by certain U.S. taxpayers to report specified foreign financial assets to the Internal Revenue Service (IRS).

Who is required to file form 8938?

U.S. taxpayers, including individuals, married couples, and certain trusts, are required to file Form 8938 if they have specified foreign financial assets exceeding certain thresholds.

How to fill out form 8938?

To fill out Form 8938, taxpayers must provide personal information, including name and Social Security number, report details of foreign financial assets, and indicate the asset type, value, and maximum value during the year.

What is the purpose of form 8938?

The purpose of Form 8938 is to help the IRS identify U.S. taxpayers who may be evading taxes by hiding foreign financial assets.

What information must be reported on form 8938?

Taxpayers must report specified foreign financial assets, including bank accounts, stocks, and other financial instruments, along with their maximum value, type, and details.