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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.
OMB No. 1545-2195. Form. 8938. (Rev. November 2021) Department of the Treasury Internal Revenue Service. Statement of Specified Foreign Financial Assets. Go to www.irs.gov/Form8938 for instructions and the latest information. Attach to your tax return.
Form 8938 reporting applies for specified foreign financial assets in which the taxpayer has an interest in taxable years starting after March 18, 2010. For most individual taxpayers, this means they will start filing Form 8938 with their 2011 income tax return.
What is Form 8938? Officially called your Statement of Specified Foreign Financial Assets, Form 8938 one of the forms expats use to tell the IRS about financial assets they hold abroad.
For IRS Form 8938 reporting, a “specified foreign financial asset” includes: (i) financial and investment accounts with foreign financial institutions; (ii) direct holdings in non-U.S. stocks ...
Form 8938 is an informational form the taxpayer can complete and send with the tax return. It can be uploaded into the program by following this path: Federal Section. Miscellaneous Forms.
Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, refer to the following instructions: Open or continue your return if you're not already in it. Search for 8938 and select the Jump to link at the top of the search results.
Specified individuals and domestic entities use IRS Form 8938 to report specified foreign financial assets in which they have an interest greater than the appropriate threshold. This is done in order to promote tax compliance and transparency regarding offshore accounts and investments.
What Is Form 8938? Form 8938 is an informational IRS tax form that was created as part of the Foreign Account Tax Compliance Act (FATCA), which was passed into law in 2010. The purpose of the form is to alert the IRS that an individual has received certain types of foreign assets.
Form 8938 is used by certain U.S. taxpayers and businesses to report foreign-held assets in excess of certain amounts, depending on filing status. It is part of FATCA, an act passed by the Obama administration in 2010 to curb foreign tax evasion.