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8938 Instructions
8938 Instructions
Instructions for
Form 8938
Statement of Specified Foreign Financial Assets
Section references are to the Internal Requirements, for a chart comparing Specified Individual
Revenue Code unless otherwise noted. Form 8938 and FBAR filing You are a specified individual if you
requirements. are one of the following.
General Instructions A U.S. citizen.
When and How To File
Future developments. The IRS has A resident alien of the United
created a page on IRS.gov for Attach Form 8938 to your annual States for any part of the tax year (but
information about Form 8938 and its return and file by the due date see Reporting Period, later).
instructions, at www.irs.gov/form8938. (including extensions) for that return. A nonresident alien who makes an
Information about any future An annual return includes the election to be treated as a resident
developments affecting Form 8938 following returns. alien for purposes of filing a joint
(such as legislation enacted after we Form 1040. income tax return.
release it) will be posted on that page. A nonresident alien who is a bona
Form 1040NR.
fide resident of American Samoa or
What's New A reference to an “annual return” or Puerto Rico. See Pub. 570, Tax Guide
Form 8938 filers who complete “income tax return” in the instructions for Individuals With Income From U.S.
Part IV, Excepted Specified For includes a reference to any return Possessions, for a definition of bona
eign Financial Assets. Beginning in listed here, whether it is an income tax fide resident.
2015, a Form 8938 filer who satisfies return or an information return. Resident aliens. You are a resident
his or her Form 8938 reporting Do not send a Form 8938 to alien if you are treated as a resident
obligation by completing Part IV, the IRS unless it is attached alien for U.S. tax purposes under the
Excepted Specified Foreign Financial !
CAUTION to an annual return or an green card test or the substantial
Assets, must complete the newly amended return. presence test. For more information,
added checkbox on Form 3520, see Pub. 519, U.S. Tax Guide for
3520-A, 5471, 8621, or 8865 to Who Must File Aliens. If you qualify as a resident
indicate that the respective form is alien under either rule, you are a
Unless an exception applies, you
included in the number of forms specified individual.
must file Form 8938 if you are a
reported in Part IV of Form 8938. For
specified individual that has an Special rule for dual resident tax
more information, see the instructions
interest in specified foreign financial payers. If you are a dual resident
for Form 3520, 3520-A, 5471, 8621,
assets and the value of those assets taxpayer (within the meaning of
or 8865.
is more than the applicable reporting Treasury Regulations section
Purpose of Form threshold. 301.7701(b)-7(a)(1)), who determines
Use Form 8938 to report your his or her income tax liability for all or
If you are a domestic corporation, a portion of the taxable year as if he or
specified foreign financial assets if the
partnership, or trust, see the caution she were a nonresident alien as
total value of all the specified foreign
under Specified Domestic Entity later. provided by Treasury Regulations
financial assets in which you have an
interest is more than the appropriate section 301.7701(b)-7, file Form 8938
If you are required to file Form as follows:
reporting threshold. See Reporting 8938, you must report the specified
Thresholds Applying to Specified foreign financial assets in which you Specified individual filing as a
Individuals, later. have an interest even if none of the nonresident alien at the end of his
Filing Form 8938 does not assets affects your tax liability for the or her taxable year. You are not
relieve you of the requirement year. See Specified Individual and required to report specified foreign
!
CAUTION to file FinCEN Form 114, Reporting Thresholds Applying to financial assets on Form 8938 for the
Report of Foreign Bank and Financial Specified Individuals, later. portion of your taxable year covered
Accounts (FBAR), if you are otherwise by Form 1040NR or Form
Exception if no income tax 1040NR-EZ, provided you comply
required to file the FBAR. See FinCEN return required.
Form 114 and its instructions for
TIP with the filing requirements of
If you do not have to file an Treasury Regulations section
FBAR filing requirements. See income tax return for the tax year, you
Comparison of Form 8938 and FBAR 301.7701(b)-7(b) and (c), including
do not have to file Form 8938, even if the requirement to timely file Form
Requirements, available at the value of your specified foreign
www.irs.gov/Businesses/Comparison- 1040NR or Form 1040NR-EZ, as
financial assets is more than the applicable, and attach Form 8833.
of-Form-8938-and-FBAR- appropriate reporting threshold.
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Specified Foreign Financial Assets (Cont.)
Foreign financial When and How To File:
institution 4 T V Individual taxpayers
Foreign social security 4 Taxpayers living outside the Valuing other specified transitional rule. 1
Other specified foreign United States 2 foreign financial assets.: Who Must File:
financial assets 4 Tax year. 8 Example 6 Exception if no income
Specified Individual 1 tax return required 1
Special rules for resident Specified individual 1
aliens 1 U W
Statute of Limitations: Unmarried taxpayers living What's New 1
Extended statute of outside the United
limitations 8 States 2
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