IRS Instruction 8938 2015 free printable template

The IRS has created a page on IRS.gov for information about Form 8938 and its instructions at www.irs.gov/form8938. See Reporting Thresholds Applying to Specified Individuals later. Filing Form 8938 does not relieve you of the requirement CAUTION to file FinCEN Form 114 Report of Foreign Bank and Financial Accounts FBAR if you are otherwise required to file the FBAR. See FinCEN Form 114 and its instructions for FBAR filing requirements. See Comparison of Form 8938 and FBAR Requirements...

How to fill out IRS Instruction 8938

How to fill out IRS Instruction 8938

1. Obtain IRS Form 8938 and its instructions from the IRS website.
2. Fill out your personal information at the top of the form, including your name, address, and taxpayer identification number.
3. Determine if you meet the filing threshold based on your filing status and the value of your foreign financial assets.
4. In Part I of the form, list each foreign financial account, including the name of the financial institution, account number, and maximum value during the tax year.
5. In Part II, report any foreign assets such as foreign stocks, bonds, or other investments that you own.
6. If applicable, report any foreign financial accounts jointly held with your spouse or others in Part III.
7. Ensure all totals are calculated accurately and cross-verify with your financial records.
8. Review the completed form for any errors and ensure it is signed and dated.
9. Submit Form 8938 along with your annual tax return.

Who needs IRS Instruction 8938?

1. Taxpayers who have specified foreign financial assets that exceed certain thresholds.
2. Married couples filing jointly must file if their combined foreign assets are over $400,000 at year-end or $600,000 at any time during the year.
3. Single filers must file if their foreign assets exceed $200,000 at year-end or $300,000 at any time during the year.
4. U.S. citizens and resident aliens living abroad also need to file if they meet these criteria.

Instructions and Help about IRS Instruction 8938

Form 8938 is a form that needs to be filed by US citizens and US resident individuals who have foreign financial assets those individuals generally must attach form 8938 to their US tax return but only if the value of all the foreign financial assets exceed certain thresholds threshold is $50,000 for single individuals and $100,000 for spouses filing jointly and the thresholds for both of those categories are doubled if you live outside the United States currently only individuals need to file form 8938, but the IRS anticipates making it required for domestic entities as well there is a ×10,000 penalties if you're required to file form 8938, and you fail to file it if there is any doubt whether the form needs to be filed I typically go ahead and file it there is no penalty for filing the form if you do not need to file it typically if you do need to file form 8938 you also need to file Fin CEN form 1 1 4 otherwise known as the eff bar on the form you fill out your name your taxpayer identification number typically a social security number you list on line 1 the number of the accounts reported on the form the maximum value of all deposit accounts reported on the form the number of all custodial accounts reported on the form custodial accounts are typically stockbrokerage accounts and then online for you list the value of all the custodial accounts and then on line 5 you list where any of the foreign deposit or custodial accounts closed during the tax year if yes you click yes otherwise you click no other foreign assets in part 2 on line 1 you list the number of the foreign assets reported on line 2 you list the maximum value of all the assets reported on line 3 you list whether there are any other foreign assets were sold during the year if yes you check yes if no you check now on part 3 of the form you list the income that was earned from the foreign financial assets so if deposit assets bank accounts if they earned interest income you would show that amount of the interest income here you would show that it's reported on Form 1040 and on Schedule B if it was on Schedule B dividends same concept royalties typical goes on Schedule II is all of this income is foreign for foreign deposit and custodial accounts at the top and then at the bottom is for the other foreign assets you list the types of income generated by those assets and what form and schedule the income is reported on in part four of the form you show the accepted specified foreign financial assets those are assets that you're filing other forms for either with your tax return or separately you do not include income from these assets or the assets themselves on form 8938 the 35:20 is an example where if you receive a distribution from a foreign trust you filed the 35:20 separately from your tax return, and you list how many 35 20s you've filed in part 4 here also form 86 21 which is for passive foreign investment companies often referred to as p fix-all so if you filed 35 20s where you...

People Also Ask about

What is the threshold for Form 8938 instructions?

Unmarried individuals residing in the United States are required to file Form 8938 if the market value of their foreign financial assets is greater than $50,000 on the last day of the year or greater than $75,000 at any time during the year.

Who needs to fill out Form 8938?

To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

What goes on Form 8938?

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

What is the difference between FBAR and Form 8938?

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.

Who must file Form 8938?

To get into the nitty gritty of it, if you're a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

Do you file both FBAR and 8938?

Foreign Bank Accounts for FBAR & FATCA When a Taxpayer has foreign bank accounts, they are required to be filed on both the FBAR and FATCA Form 8938. Depending on which country the Taxpayer has overseas accounts, this may include several different types of accounts: Checking Accounts.

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What is IRS Instruction 8938?

IRS Instruction 8938 refers to the Form 8938, Statement of Specified Foreign Financial Assets, which is a requirement for certain U.S. taxpayers to report specified foreign assets to the Internal Revenue Service (IRS).

Who is required to file IRS Instruction 8938?

U.S. taxpayers, including individuals and specified entities, who have an interest in specified foreign financial assets and meet certain threshold amounts are required to file Form 8938.

How to fill out IRS Instruction 8938?

To fill out IRS Instruction 8938, taxpayers must collect information on their specified foreign financial assets, complete the relevant sections of Form 8938, and report on the value and type of assets held, along with the necessary identifying information.

What is the purpose of IRS Instruction 8938?

The purpose of IRS Instruction 8938 is to ensure that U.S. taxpayers report their foreign financial assets to the IRS, thus aiding in compliance with U.S. tax laws and combating tax evasion.

What information must be reported on IRS Instruction 8938?

Information that must be reported on IRS Instruction 8938 includes details about specified foreign financial assets, such as the type of asset, the account number, the name and address of the financial institution, and the maximum value of the asset during the tax year.