Get your Form 8938 in 3 easy steps
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01 Fill and edit template
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02 Sign it online
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03 Export or print immediately
What is Form 8938?
The 8938 form is also known as the Statement of Specified Foreign Financial Assets. The document has to come as an attachment to the yearly tax return you provide. It must be sent to the IRS by the deadline which is Tax Day. If you are wondering what is form 8938, you may have never worked with foreign assets in the past.
The template was created for the corporations, trusts, partnerships, and individual taxpayers from the US who keep the foreign assets that pass the threshold. Based on the filing status the amount of money varies. The document was created by the administration of Obama as part of FATCA for foreign tax evasion in 2010.
Those who don’t send the form before the deadline will be fined. The fine can reach $50,000. If you have foreign assets and match IRS demands you have to attach the FBAR to the documents as well. Before you file anything make sure your case matches demands in the form 8938.
What I need the Form 8938 for?
- You need the IRS form 8938 PDF to notify the department of the foreign assets you own to avoid penalties. You have to do it if you have a financial account outside the US, including investment, retirement, and bank plans. There can be compensation plans as well;
- You have to provide information in the IRS 8938 form if you have bonds, stocks, and other securities provided by the non-US resident that do not hold via the standard investment account. The same situation with bonds and notes from the foreigner;
- The IRS needs this form to make sure that all the foreign assets are recorded and your actions outside the US are taxed.
How to Fill Out Form 8938?
The standard 8938 IRS form can be found on the official page of the IRS. You have to go to the portal and search for the document there. You will find a short description, the form itself, and the instructions. However, you will not be able to fill it out online. If you want to complete the template on your computer you need to use an editing service like PDFLiner that provides all the tools you need.
The program allows you to enter the template, and fill in all the empty sections. You can also create your electronic signature there. Once it is done, you can save form 8938 tax origin on your device. You may send the template via email online or you can print it and send it by regular mail. Here is what you need to include inside the document:
- Pick the calendar year you want to report the financial assets;
- Provide your name and pick the type of business you have;
- Describe the details of the foreign deposit you have;
- Include the summary of the foreign assets you own;
- Create a summary of the items you own that can be taxed, including the dividends, interest, royalties, credits, deductions, and gains;
- Specify the number of foreign assets you own;
- Share the information on every deposit outside the US you have and the custodial account;
- Provide information on the foreign assets you included in Part 2 of this document, naming the entities, addresses, and types.
Organizations that work with Form 8938
- Department of the Treasury Internal Revenue Service.
Who must file form 8938?
The form can be used by any US citizen who has foreign assets. Yet, in real life, you have to match certain descriptions. The IRS describes the filers as domestic entities or specified individuals. Specific individuals are the citizens of the US, aliens that reside in the US, nonresidents who are treated as residents for their own tax benefits, and non-residents who live in Puerto Rico or American Samoa. Domestic entities are trusts, partnerships, and corporations that meet specific conditions, like 80 percent of the board and capital is in the hands of one person, and 50 percent of gross income is passive.
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Fillable online Form 8938