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This document provides guidelines for U.S. taxpayers regarding the reporting of specified foreign financial assets as required under the IRS regulations following the FATCA provisions enacted in 2010.
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How to fill out form 8938
How to fill out Form 8938
01
Gather all relevant financial information regarding your foreign assets.
02
Download Form 8938 from the IRS website or access it through tax software.
03
Fill out your personal information at the top of the form, including your name, address, and Social Security number.
04
In Part I, report the type of assets you own, such as bank accounts, stocks, or other financial instruments.
05
In Part II, provide details for each foreign financial asset, including the name of the institution, account number, and maximum value during the year.
06
Complete additional parts as necessary, such as reporting foreign trusts or specified foreign financial assets.
07
Review the form for accuracy and completeness before signing and dating.
08
Attach Form 8938 to your annual tax return and submit it by the due date.
Who needs Form 8938?
01
U.S. taxpayers who have an interest in specified foreign financial assets with an aggregate value above certain thresholds.
02
Individuals living abroad who meet the asset value thresholds.
03
Married couples filing jointly may have different thresholds compared to single filers.
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People Also Ask about
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who needs to fill out form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
Do you file both FBAR and 8938?
Do I have to file both Form 8938 and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)? The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa.
Who is exempt from FATCA reporting?
If you have an investment interest in the social security, social insurance, or a foreign government program of a similar nature, you'll not have to report such investments under FATCA's regulations.
Do I need to declare foreign property to the IRS?
File Form 8938. If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS.
Do I have to report foreign property to the IRS?
If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040). This form provides additional information on foreign financial assets and is filed with the IRS. Report foreign income.
What happens if I have more than $100,000 in a foreign bank account?
Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.
Who is required to file form 8938?
For example, Form 8938 is required if the total foreign-held asset value was $50,000 on the last day of the tax year, or $75,000 at any time during the tax year. If you are married and file jointly with your spouse, the threshold is $100,000 on the last day of the year or $150,000 at any time during the tax year.
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What is Form 8938?
Form 8938 is a tax form used by certain taxpayers to report specified foreign financial assets to the IRS.
Who is required to file Form 8938?
Taxpayers who have an interest in specified foreign financial assets and meet certain thresholds for those assets are required to file Form 8938.
How to fill out Form 8938?
To fill out Form 8938, taxpayers must provide information about their specified foreign financial assets, including the type of asset, value, and income generated from those assets. The form should be attached to the taxpayer's annual income tax return.
What is the purpose of Form 8938?
The purpose of Form 8938 is to ensure that U.S. taxpayers report their foreign financial assets accurately to the IRS, thereby increasing transparency and compliance with tax laws.
What information must be reported on Form 8938?
Form 8938 requires taxpayers to report information such as the type of foreign financial asset, the total value of those assets, income earned from them, and the account numbers as applicable.
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