Form 8938 PDF Details

Navigating the complexities of international financial reporting is a crucial aspect of tax compliance for many U.S. taxpayers, with the Form 8938, Statement of Specified Foreign Financial Assets, playing a pivotal role. Issued by the Department of the Treasury's Internal Revenue Service, this form is designed for taxpayers to report their foreign financial assets if they exceed certain thresholds. The requirements, detailed for the latest period in its November 2021 revision, aim to improve transparency and ensure U.S. persons are accurately reporting their foreign financial holdings and offshore accounts. This form, which must be attached to an annual tax return, captures a wide array of information, including the maximum values of foreign deposit and custodial accounts, other foreign assets, and certain tax-related items attributable to these assets. In addition to providing specific details about each foreign account or asset, taxpayers must indicate whether any foreign assets were acquired, sold, or closed during the tax year. Furthermore, the Form 8938 may exempt reporting of specified foreign financial assets already reported on other IRS forms, reducing redundancy but necessitating careful adherence to detailed instructions to avoid penalties for failure to report or incomplete reporting. Understanding and navigating the nuances of Form 8938 is essential for those who find themselves with financial ties to foreign entities, ensuring compliance with U.S. tax laws and avoiding potentially severe penalties.

QuestionAnswer
Form NameForm 8938
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names Instructions for Form 8938 (2018)Internal Revenue Service

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b TIN

Form 8938

(Rev. November 2021)

Department of the Treasury

Internal Revenue Service

Statement of Specified Foreign Financial Assets

▶Go to WWW.IRS.GOV/FORM8938 for instructions and the latest information.

▶Attach to your tax return.

For calendar year 20

or tax year beginning

, 20

, and ending

, 20

OMB No. 1545-2195

Attachment Sequence No. 938

If you have attached additional statements, check here

Number of additional statements

 

 

 

 

 

 

1 Name(s) shown on return

 

2 Taxpayer identification number (TIN)

 

 

 

 

 

 

3Type of filer

a

Specified individual

b

Partnership c

Corporation d

Trust

4If you checked box 3a, skip this line 4. If you checked box 3b or 3c, enter the name and TIN of the specified individual who closely holds the partnership or corporation. If you checked box 3d, enter the name and TIN of the specified person who is a current beneficiary of the trust. (See instructions for definitions and what to do if you have more than one specified individual or specified person to list.)

a Name

Part I Foreign Deposit and Custodial Accounts Summary

5

Number of deposit accounts (reported in Part V)

. . .

. . . .

.

▶

 

 

6

Maximum value of all deposit accounts

. . .

. . . .

.

.

$

 

7

Number of custodial accounts (reported in Part V)

. . .

. . . .

.

▶

 

 

8

Maximum value of all custodial accounts

. . .

. . . .

.

.

$

 

9

Were any foreign deposit or custodial accounts closed during the tax year? .

. . .

. . . .

.

.

Yes

No

Part II

Other Foreign Assets Summary

 

 

 

 

 

 

10

Number of foreign assets (reported in Part Vl)

. . .

. . . .

.

▶

 

 

11

Maximum value of all assets (reported in Part Vl)

. . .

. . . .

.

.

$

 

12

Were any foreign assets acquired or sold during the tax year?

. . .

. . . .

.

.

Yes

No

Part III Summary of Tax Items Attributable to Specified Foreign Financial Assets (see instructions)

 

(a) Asset category

 

(b) Tax item

(c) Amount reported on

 

Where reported

 

 

form or schedule

 

(d) Form and line

(e) Schedule and line

 

 

 

 

 

 

13

Foreign deposit and

a

Interest

$

 

 

 

 

custodial accounts

b

Dividends

$

 

 

 

 

 

 

c

Royalties

$

 

 

 

 

 

 

d

Other income

$

 

 

 

 

 

 

e

Gains (losses)

$

 

 

 

 

 

 

f

Deductions

$

 

 

 

 

 

 

g

Credits

$

 

 

 

14

Other foreign assets

a

Interest

$

 

 

 

 

 

 

b

Dividends

$

 

 

 

 

 

 

c

Royalties

$

 

 

 

 

 

 

d

Other income

$

 

 

 

 

 

 

e

Gains (losses)

$

 

 

 

 

 

 

f

Deductions

$

 

 

 

 

 

 

g

Credits

$

 

 

 

Part IV

Excepted Specified Foreign Financial Assets (see instructions)

 

 

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.

15

Number of Forms 3520

 

16

Number of Forms 3520-A

 

 

17 Number of Forms 5471

 

18

Number of Forms 8621

 

19

Number of Forms 8865

 

 

 

 

 

 

 

For Paperwork Reduction Act Notice, see the separate instructions.

Cat. No. 37753A

Form 8938 (Rev. 11-2021)

Form 8938 (Rev. 11-2021)Page 2

Part V Detailed Information for Each Foreign Deposit and Custodial Account Included in the Part I Summary

(see instructions)

If you have more than one account to report in Part V, attach a separate statement for each additional account. See instructions.

20

Type of account

a

Deposit

21 Account number or other designation

 

 

 

b

Custodial

 

 

 

 

22

Check all that apply

a

Account opened during tax year

b

Account closed during tax year

 

 

 

 

c

Account jointly owned with spouse

d

No tax item reported in Part III with respect to this asset

 

 

 

 

 

 

23

Maximum value of account during tax year

.

. . . . . . . . . . . .

$

 

24

Did you use a foreign currency exchange rate to convert the value of the account into U.S. dollars? . .

Yes

No

25If you answered “Yes” to line 24, complete all that apply.

 

(a)

Foreign currency in which

(b) Foreign currency exchange rate

(c) Source of exchange rate used if not from U.S.

 

 

 

account is maintained

used to convert to U.S. dollars

Treasury Department’s Bureau of the Fiscal Service

 

 

 

 

 

 

26a

Name of financial institution in which account is maintained

b Global Intermediary Identification Number (GIIN) (Optional)

 

 

 

 

 

 

.

.

.

27

Mailing address of financial institution in which account is maintained. Number, street, and room or suite no.

 

 

 

 

 

 

28

City or town, state or province, country, and ZIP or foreign postal code

 

 

 

 

 

Part VI

 

Detailed Information for Each “Other Foreign Asset” Included in the Part II Summary (see instructions)

If you have more than one asset to report in Part VI, attach a separate statement for each additional asset. See instructions.

 

 

 

 

29

Description of asset

 

30 Identifying number or other designation

 

 

 

 

 

 

 

 

 

31Complete all that apply. See instructions for reporting of multiple acquisition or disposition dates.

a

Date asset acquired during tax year, if applicable

 

b

Date asset disposed of during tax year, if applicable

 

c

Check if asset jointly owned with spouse

d

Check if no tax item reported in Part III with respect to this asset

32Maximum value of asset during tax year (check box that applies)

a

$0–$50,000

b

$50,001–$100,000

c

$100,001–$150,000

d

$150,001–$200,000

 

e

If more than $200,000, list value

$

 

33

Did you use a foreign currency exchange rate to convert the value of the asset into U.S. dollars? . . .

Yes

No

34If you answered “Yes” to line 33, complete all that apply.

 

(a) Foreign currency in which asset

(b) Foreign currency exchange rate

(c) Source of exchange rate used if not from U.S.

 

is denominated

used to convert to U.S. dollars

Treasury Department’s Bureau of the Fiscal Service

 

 

 

 

35If asset reported on line 29 is stock of a foreign entity or an interest in a foreign entity, enter the following information for the asset.

a

Name of foreign entity

 

 

 

 

 

b GIIN (Optional)

 

 

 

 

 

 

 

 

 

 

.

.

.

c

Type of foreign entity

(1)

Partnership

(2)

Corporation

(3)

Trust

(4)

Estate

dMailing address of foreign entity. Number, street, and room or suite no.

eCity or town, state or province, country, and ZIP or foreign postal code

36If asset reported on line 29 is not stock of a foreign entity or an interest in a foreign entity, enter the following information for the asset.

Note: If this asset has more than one issuer or counterparty, attach a separate statement with the same information for each additional issuer or counterparty. See instructions.

aName of issuer or counterparty

Check if information is for

Issuer

Counterparty

bType of issuer or counterparty

(1)

Individual

(2)

Partnership

(3)

Corporation

(4)

Trust

(5)

Estate

 

 

 

 

 

 

 

c Check if issuer or counterparty is a

U.S. person

Foreign person

 

 

 

dMailing address of issuer or counterparty. Number, street, and room or suite no.

eCity or town, state or province, country, and ZIP or foreign postal code

Form 8938 (Rev. 11-2021)

How to Edit Form 8938 Online for Free

When you intend to fill out Form 8938, you won't need to download any sort of software - just make use of our online tool. The tool is constantly updated by our staff, getting new awesome functions and becoming better. All it requires is a few easy steps:

Step 1: Simply press the "Get Form Button" at the top of this site to launch our pdf editing tool. This way, you will find all that is necessary to work with your document.

Step 2: With the help of our state-of-the-art PDF editing tool, you can actually accomplish more than simply fill in blanks. Edit away and make your documents appear professional with custom text added, or fine-tune the original input to excellence - all that comes with an ability to incorporate any photos and sign it off.

Filling out this document requires focus on details. Make certain every blank field is done properly.

1. While completing the Form 8938, make sure to include all of the important blanks in the associated area. This will help facilitate the work, which allows your details to be processed without delay and properly.

Step # 1 of filling in Form 8938

2. When the previous part is finished, you need to add the necessary details in a Interest b Dividends c Royalties, Other foreign assets Part IV If, Excepted Specified Foreign, Number of Forms Number of Forms, Number of Forms A Number of, Number of Forms, For Paperwork Reduction Act Notice, Cat No A, and Form Rev allowing you to move forward to the third stage.

Excepted Specified Foreign, Other foreign assets Part IV If, and Cat No A in Form 8938

3. This 3rd section should also be fairly simple, If you have more than one account, Account number or other, Type of account, Check all that apply, a b a c, Deposit Custodial Account opened, Maximum value of account during, Did you use a foreign currency, b Foreign currency exchange rate, account is maintained, used to convert to US dollars, c Source of exchange rate used if, Yes, b d, and Account closed during tax year No - each one of these blanks needs to be filled in here.

How one can fill in Form 8938 portion 3

Concerning b d and Yes, be sure that you review things in this current part. Those two are considered the most important ones in the page.

4. You're ready to proceed to this next part! Here you've got all these a Date asset acquired during tax, Check if asset jointly owned with, Check if no tax item reported in, Maximum value of asset during tax, a e If more than list value, Did you use a foreign currency, b Foreign currency exchange rate, Yes, c Source of exchange rate used if, is denominated, used to convert to US dollars, If asset reported on line is, a Name of foreign entity, b GIIN Optional, and c Type of foreign entity d Mailing form blanks to do.

Filling in section 4 of Form 8938

5. When you get close to the conclusion of this form, there are several more requirements that need to be satisfied. Particularly, a Name of issuer or counterparty, Check if information is for, Issuer, Counterparty, b Type of issuer or counterparty, Individual, Partnership, Corporation, Trust, Estate, c Check if issuer or counterparty, Foreign person, US person, e City or town state or province, and Form Rev should be filled out.

Form 8938 conclusion process outlined (step 5)

Step 3: Prior to finalizing this file, make sure that all blanks have been filled in the right way. When you think it is all good, click on “Done." After starting a7-day free trial account with us, it will be possible to download Form 8938 or send it through email without delay. The PDF form will also be readily available through your personal cabinet with all of your edits. We don't share any information that you use whenever completing forms at our site.

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