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IRS 8938 2021-2024 free printable template

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15 Number of Forms 3520 For Paperwork Reduction Act Notice see the separate instructions. Cat. No. 37753A Form 8938 Rev. 11-2021 Page 2 Part V Detailed Information for Each Foreign Deposit and Custodial Account Included in the Part I Summary see instructions If you have more than one account to report in Part V attach a separate statement for each additional account. Number of custodial accounts reported in Part V. b Tax item e f g Interest Dividends Royalties Other income Gains losses...
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How to fill out form 8938 2021-2024


How to fill out form 8938:

Gather all necessary information and documents, including your personal information, foreign financial asset details, and relevant financial statements.
Carefully read the instructions provided with Form 8938 to understand the requirements and reporting thresholds.
Complete Part I of the form, providing your personal information, including your name, taxpayer identification number (TIN), and contact details.
Proceed to Part II and provide information on each foreign financial asset you are required to report, such as the type of asset, maximum value during the year, and related income.
If you have more than one foreign financial account or asset, attach additional sheets as necessary to ensure all assets are properly reported.
Review your completed form for accuracy and completeness, ensuring that all required information has been provided.
Sign and date the form.
Retain a copy of the completed form for your records.

Who needs form 8938:

U.S. citizens and resident aliens who have a specified foreign financial asset value that exceeds the reporting threshold must file Form 8938 with their federal income tax return.
If you are single and live abroad, the reporting threshold is higher, while married individuals filing jointly and living in the U.S. have a lower threshold.
It is important to consult the instructions provided with Form 8938 or a tax professional to determine if you meet the requirements for filing this form.

What is IRS Form 8938 2023?

Form 8938 is used to disclose all foreign financial assets specific individuals or entities (defined by IRS) hold outside of the USA. However, foreign financial assets are a collective notion. The IRS singles out a few asset types. They are as follows:

  • Accounts held in a financial institution outside the USA
  • Foreign stocks and bonds
  • Interest in a foreign organization or corporation
  • Contracts that include non-US counterparties
  • Personal residences
  • Any financial documentation

In addition, form 8938 is often confused with FinCEN Form 114 (FBAR). The main difference is that the latter must be filed with the US Treasury and not the IRS. Visit the IRS website to check the extensive 8938 vs. FBAR comparison.

Who must file Form 8938 2023?

Everyone who holds financial assets outside the United States or has a connection with foreign entities must fill out the document. One of the essential Form 8938 filing requirements is that the total value of all foreign assets should exceed the particular threshold, which differs depending on the taxpayer’s type. You can learn more about the Form 8938 threshold in 2024 for every taxpayer type on the IRS website.

What information do I need to complete Form 8938?

8938 Form is complicated, with four parts that must be completed. Before filling out each section of the form, individuals should complete the fields with their identification information and define which type of filer they are.

Each part of the form accounts for a particular type of foreign asset such as financial accounts, stocks, bonds, etc.

How do I fill out Form 8938 in 2024?

Before completing IRS Form 8938, read it over carefully and check the latest Form 8938 instructions. To save time and resources, you can fill out the form online with pdfFiller. Follow these steps to efficiently complete your form online:

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Is 8938 Form accompanied by other forms?

Initially, Form 8938 was part of FATCA (Foreign Account Tax Compliance Act). According to the regulations, an individual fills out Form 8938 and attaches it to their annual return, which may be one of the following: Form 1040, Form 1040NR, Form 1041, etc.

When is IRS Form 8938 due?

The form should be sent to the IRS only when attached to the annual return or amended return by April 18th, 2024.

Where do I send 8938 Form?

Send the form and the annual income return to the IRS.

Video instructions and help with filling out and completing form 8938

Instructions and Help about irs 8938 form

Okay for this video I wanted to cover a sample 8938 filing now the 8938 is a statement of specified foreign financial assets, so generally this needs to be filed if you as a U.S. person, so that's a U.S. individual taxpayer or if you have certain types of U.S. entities so U.S. corporations partnerships need to file this disclosure if you as the beneficial owner have foreign financial assets right and those foreign financial assets have to exceed certain thresholds during the year and if they do then you need to file this form with your tax return okay, so I've got one sample in front of us here that we'll walk through and then a slide here with some rules and filing thresholds and then the fact pattern that we're going to be working with so if we start at the top here and just kind of work our way down again just to reiterate the 8938 filed by us persons that have a beneficial interest in foreign financial assets, so these are foreign bank accounts uh foreign investments and stocks and other securities bonds um if you have direct interest in foreign entities right so...

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Form 8938 is an IRS form used by U.S. citizens and resident aliens who own specified foreign financial assets with an aggregate value exceeding certain thresholds. The form is used to report those assets to the IRS.
Form 8938 must be filed by certain specified persons who hold specified foreign financial assets. Generally, these specified persons are U.S. citizens, resident aliens, and certain nonresident aliens.
Form 8938 is an IRS form used to report certain specified foreign financial assets. To complete the form, you will need to provide the following information: 1. Your name, address, and Social Security number. 2. The year the form is being filed for. 3. The type of specified foreign financial assets you are reporting. 4. The value of each specified foreign financial asset. 5. The maximum value of each specified foreign financial asset during the tax year. 6. The name and address of each foreign institution where you hold a specified foreign financial asset. 7. Any other information requested on the form. Once you have completed the form, you should sign and date it, and include any additional documents requested.
Form 8938 (Statement of Specified Foreign Financial Assets) is used to report the financial interests of U.S. taxpayers in certain foreign financial assets. It is used to help the IRS detect potential non-compliance with U.S. tax laws and to enforce compliance.
Form 8938 must include the following information: 1. The taxpayer's name, address, and taxpayer identification number. 2. The amount of foreign financial assets held at the end of the tax year, and the maximum value of those assets during the tax year. 3. The name and address of each foreign financial institution in which the taxpayer holds a financial account. 4. The type and number of each foreign financial account held by the taxpayer. 5. The aggregate amount of income from foreign financial assets that must be reported on the taxpayer's tax return. 6. Any applicable exceptions or exclusions from the reporting requirement.
The penalty for failing to timely file Form 8938 is $10,000, with an additional penalty of up to $50,000 for continued failure to file after IRS notification. In addition, any tax benefits related to the assets reported on Form 8938 may be disallowed.
The deadline for filing Form 8938 in 2023 is usually April 15th. However, if you are living abroad on the regular due date of your return, you may be eligible for an automatic two-month extension, shifting the deadline to June 15th. It's always best to check the IRS website or consult a tax professional for the most accurate and up-to-date information.
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