Instructions for IRS Form 8938 Statement of Specified Foreign Financial Assets

IRS Form 8938 Statement of Specified Foreign Financial Assets

This document contains official instructions for IRS Form 8938 , Statement of Specified Foreign Financial Assets - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8938 is available for download through this link.

FAQ

Q: What is IRS Form 8938?
A: IRS Form 8938 is a statement that U.S. taxpayers use to report specified foreign financial assets.

Q: Who is required to file IRS Form 8938?
A: U.S. taxpayers who meet certain thresholds for foreign financial assets are required to file IRS Form 8938.

Q: What are specified foreign financial assets?
A: Specified foreign financial assets include things like foreign bank accounts, certain foreign securities, and interests in foreign financial institutions.

Q: What are the filing thresholds for IRS Form 8938?
A: The filing thresholds vary depending on whether the taxpayer lives in the United States or abroad, and whether they file a joint return or not.

Q: Is IRS Form 8938 the same as the FBAR?
A: No, IRS Form 8938 and the FBAR (Foreign Bank Account Report) are two separate reporting requirements, although some taxpayers may need to file both forms.

Q: What happens if I don't file IRS Form 8938?
A: Failure to file IRS Form 8938 when required can result in penalties and may also extend the statute of limitations for tax assessment.

Q: Can I file IRS Form 8938 electronically?
A: Yes, IRS Form 8938 can be filed electronically using the e-file system.