Get the free General Instructions Form 8938, Statement of Specified Foreign Financial Assets - irs

2013 Department of the Treasury Internal Revenue Service Instructions for Form 1040NR-EZ U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents Section references are to the Internal

How to fill out general instructions form 8938

How to fill out general instructions form 8938:

1. Gather all necessary information: Before filling out the form, collect all relevant financial account information, including account numbers, names of institutions, and the maximum value of each account during the year.
2. Start with personal information: Begin by entering your name, social security number, and the tax year for which you are filing the form.
3. Determine your filing status: Indicate whether you are filing as an individual or if it's a joint filing with a spouse.
4. Report foreign financial accounts: If you have any foreign financial accounts, provide the required details such as the type of account, location, and maximum value during the year. Be sure to include all types of accounts, such as bank accounts, retirement accounts, and investment accounts.
5. Report specific foreign assets: Certain specified foreign assets might also need to be reported. These include foreign stocks, securities, interests in foreign entities, and other financial instruments. Fill out the necessary sections with accurate information.
6. Report income from foreign assets: If you earned any income from your foreign assets, report the details such as the type of income, the source, and the amount received.
7. Determine the filing threshold: Consult the instructions to determine if you meet the threshold for filing form 8938. The threshold varies based on your filing status and location.
8. Sign and date the form: After completing all the necessary sections, sign and date the form to validate your submission.

Who needs general instructions form 8938?

1. U.S. citizens living in the United States who have specified foreign financial assets exceeding the reporting threshold.
2. U.S. citizens living abroad who meet the reporting threshold.
3. Non-U.S. residents who are considered U.S. tax residents and have exceeded the reporting threshold.

It is essential to consult with a tax professional or refer to the official IRS instructions for form 8938 to ensure accurate and compliant reporting.

For pdfFiller’s FAQs

What is general instructions form 8938?

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

Who is required to file general instructions form 8938?

Taxpayers who meet the reporting threshold for specified foreign financial assets are required to file Form 8938.

How to fill out general instructions form 8938?

Taxpayers can fill out Form 8938 by providing information about their specified foreign financial assets, including the maximum value during the tax year.

What is the purpose of general instructions form 8938?

The purpose of Form 8938 is to help prevent tax evasion by providing the IRS with information about taxpayers' specified foreign financial assets.

What information must be reported on general instructions form 8938?

Taxpayers must report information about their specified foreign financial assets, including the type of asset, maximum value during the tax year, and information about the financial institution where the asset is held.

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