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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.
Information about Form 8938, Statement of Foreign Financial Assets, including recent updates, related forms and instructions on how to file. 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.
Form 8938, officially known as the “Statement of Specified Foreign Financial Assets,” is the document individuals and certain entities use to report their foreign financial interests to the IRS. It is filed with their annual federal income tax return if they meet certain criteria.
Please see the Tax Help or government instructions for Form 8938, Statement of Specified Foreign Financial Assets for additional information, including who must file, specified assets, and thresholds. How do I acess Form 8938 in ProSeries? Follow these steps access Form 8938 in an Individual return: Open the return. From the Forms menu, choose ...
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.
A failure to timely and accurately file an IRS Form 8938 can result in significant civil penalties and open statute of limitations periods. The following provides some helpful information about...
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. On the Foreign Financial Assets screen, select Yes, I have foreign financial assets.
You must file IRS Form 8938 Statement of Specified Foreign Financial Assets if you have an interest in specified foreign assets and the value of those assets is more than the applicable reporting threshold. See the IRS Instructions for Form 8938 and Basic Questions and Answers on Form 8938 for more information.
Form 8938 (Rev. November 2021) Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Go to www.irs.gov/Form8938 for instructions and the latest information. Attach to your tax return. OMB No. 1545-2195 Attachment . For calendar year 20. or tax year beginning, 20, and ending. Sequence No. 938
Form 8938, Statement of Specified Foreign Financial Assets, has a higher reporting threshold than an FBAR. The Form 8938 threshold is met by accounts with an aggregate maximum value of $50,000 on the last day of the tax year for single taxpayers and still higher for married taxpayers filing jointly and those living abroad.