Get the free Instructions for Form 8938 (Rev. November 2021)

Submit a copy of a registrable superannuation entity audited financial report 1. Where no value or answer is shown in the right column (blank), this is because the question was either nonmandatory

How to fill out instructions for form 8938

How to fill out instructions for form 8938

1. Gather all necessary personal information including your name, address, and taxpayer identification number.
2. Review the Form 8938 and understand the categories of foreign financial assets that need to be reported.
3. Identify all foreign assets that you own or have an interest in that meet the reporting threshold.
4. Fill out Part I of Form 8938, providing details of each foreign financial asset, including the name of the financial institution and account numbers.
5. Complete Part II of the form, detailing the amounts and types of foreign financial assets.
6. If applicable, fill out Part III and IV related to specific assets and foreign entities.
7. Review the completed form for accuracy and completeness.
8. Submit the Form 8938 with your annual tax return by the tax filing deadline.

Who needs instructions for form 8938?

1. U.S. taxpayers who have an interest in specified foreign financial assets and meet the reporting thresholds.
2. U.S. citizens living abroad who own foreign assets.
3. Resident aliens and certain non-resident aliens who have specified foreign financial assets.
4. Taxpayers who file a joint return and jointly meet the specified thresholds.

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What is instructions for form 8938?

Instructions for Form 8938 outline how to report specified foreign financial assets to the IRS as part of your tax obligations.

Who is required to file instructions for form 8938?

U.S. citizens, resident aliens, and certain non-resident aliens who have an interest in specified foreign financial assets that exceed certain thresholds are required to file Form 8938.

How to fill out instructions for form 8938?

To fill out Form 8938, you need to provide your personal information, detail your specified foreign financial assets, and ensure that you meet the reporting thresholds as specified in the instructions.

What is the purpose of instructions for form 8938?

The purpose of the instructions for Form 8938 is to ensure that taxpayers accurately report their foreign financial assets to comply with U.S. tax laws and to help the IRS identify potentially unreported foreign income.

What information must be reported on instructions for form 8938?

Taxpayers must report information including the type of asset, maximum value during the year, and details of the financial institutions or entities holding the assets.