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Comparison of Form 8938 and FAR Filing Requirements The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer s obligation to file Fin CEN Form 114 (Report of Foreign Bank

How to fill out comparison of form 8938

How to fill out Form 8938:

1. Gather all necessary documents and information: Before filling out the Form 8938, ensure that you have all the required documents and information readily available. This includes your financial statements, investment account statements, and any supporting documentation related to foreign assets.
2. Provide personal information: Begin by providing your personal information, such as your full name, address, Social Security number, and other relevant identification details. Make sure to double-check this information for accuracy.
3. Report specified foreign financial assets: In the form, you will be required to report information about your specified foreign financial assets. This includes bank accounts, investment accounts, ownership in foreign businesses, and other relevant assets. Provide the necessary details, such as the type of asset, its maximum value during the tax year, and any related income.
4. Determine the threshold requirements: The IRS sets specific threshold requirements that determine whether you need to file Form 8938. Be sure to review these requirements to determine if you meet the filing criteria. For example, if you are single and living in the United States, you must file if the total value of your specified foreign financial assets exceeds $50,000 on the last day of the tax year or $75,000 at any point during the year.
5. Complete the reporting sections: Fill out the reporting sections of the form for each category of specified foreign financial assets. Follow the instructions provided to ensure accuracy when reporting each asset, including the country where the asset is located, the account number (or other identifying number), and the maximum value.
6. Submit the form: Once you have completed all the necessary sections of Form 8938, make sure to sign and date the form. Keep a copy of the form for your records and submit it along with your annual tax return to the IRS.

Who needs Form 8938?

1. U.S. citizens and residents: If you are a U.S. citizen or resident, you may need to file Form 8938 if you meet the threshold requirements for specified foreign financial assets. This includes individuals living in the United States with foreign accounts or assets.
2. Certain non-resident aliens: Non-resident aliens who elect to be treated as U.S. residents for tax purposes may also need to file Form 8938 if they meet the specified thresholds for foreign financial assets.
3. Married individuals filing jointly: If you are married and filing a joint tax return, both you and your spouse must report your specified foreign financial assets on Form 8938 if you meet the relevant filing requirements.
4. Individuals with foreign assets: Generally, anyone with specified foreign financial assets that exceed the IRS thresholds for filing must complete and submit Form 8938. It is essential to review the requirements and consult with a tax professional if needed to determine your filing obligations accurately.

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What is comparison of form 8938?

Form 8938 is the Statement of Specified Foreign Financial Assets, used to report foreign financial assets.

Who is required to file comparison of form 8938?

U.S. citizens, resident aliens, and certain non-resident aliens with specified foreign financial assets over a certain threshold are required to file Form 8938.

How to fill out comparison of form 8938?

Form 8938 requires information on the taxpayer, the type of foreign assets held, their maximum value during the year, and other details which can be filled out electronically or by paper.

What is the purpose of comparison of form 8938?

The purpose of Form 8938 is to report foreign financial assets as part of the effort to combat tax evasion.

What information must be reported on comparison of form 8938?

Information such as the type and value of foreign financial assets held, financial institution information, and other details specified on the form must be reported on Form 8938.