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.

If you reported specified foreign financial assets on one or more of the following forms, enter the number of such forms filed. You do not need to include these assets on Form 8938 for the tax year. For Paperwork Reduction Act Notice, see the separate instructions.

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. See Types of Reporting Thresholds, later.

2022年10月25日 · 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.

2023年10月12日 · 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 …

Form 8938 is filed by U.S. persons who are required to file a tax return in the year that the Form 8938 threshold requirement is met. For purposes of these examples, we are focused on individuals — but entities may have to file Form 8938 as well.

2024年10月9日 · Form 8938 is mandatory for U.S. taxpayers who need to file a tax return and surpass certain thresholds for reporting foreign accounts and assets. The IRS requires this under the Foreign Account Tax Compliance Act (FATCA), and …

2025年3月3日 · Penalties for Not Filing Form 8938. If you’re required to file Form 8938 and fail, you could face an initial fine of $10,000. If you ignore the filing requirement after the IRS notifies you via paper mail, the penalty can increase to $50,000. Additionally, the IRS imposes a 40% penalty on any underpaid taxes related to undisclosed foreign ...

2023年11月17日 · 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.

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.