Sep 11, 2024 · 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 (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

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.

Filing Form 8938 is only available to those using TurboTax Deluxe or higher. To get to the 8938 section in TurboTax, follow these steps: Open or continue your return. Navigate to the 8938 section: TurboTax Online/Mobile: Go to 8938. TurboTax Desktop: Search for …

Oct 25, 2022 · 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.

Oct 12, 2023 · If you meet specified thresholds for foreign financial assets, you must file Form 8938, Statement of Specified Foreign Financial Assets, with your annual federal income tax return (usually Form 1040).

Oct 9, 2024 · 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 …

Jul 20, 2023 · Under FATCA, taxpayers with over $50,000 in foreign assets must file a Form 8393, Statement of Specified Foreign Financial Assets. Foreign financial institutions (FFIs) and non-financial foreign entities are required to disclose information about foreign assets owned by U.S. account holders.

U.S. citizens, U.S. residents, certain residents of U.S. Possessions, and nonresidents who elect to be treated as U.S. residents will have to fill out this form if they hold financial accounts or certain assets held for investment (deemed “specified persons”).

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.