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 used to report specified foreign financial assets.

Q: Who needs to file Form 8938?
A: US taxpayers who meet certain thresholds for owning specified foreign financial assets need to file Form 8938.

Q: What are specified foreign financial assets?
A: Specified foreign financial assets include assets such as bank accounts, securities, and certain foreign-issued insurance products.

Q: What is the filing threshold for Form 8938?
A: The filing threshold for Form 8938 depends on the taxpayer's filing status and whether they live in the US or abroad.

Q: Are there penalties for not filing Form 8938?
A: Yes, there are penalties for not filing Form 8938 or for underreporting specified foreign financial assets.

Q: Is Form 8938 the same as the FBAR?
A: No, Form 8938 is not the same as the FBAR (Report of Foreign Bank and Financial Accounts), although they both involve reporting foreign financial assets.

Q: Do I need to attach Form 8938 to my tax return?
A: No, Form 8938 should not be attached to your tax return. It should be kept for your records.