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 Form 8938 2017

2017-2025 Form

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What is the Form 8938

The Form 8938, officially known as the Statement of Specified Foreign Financial Assets, is a tax form required by the Internal Revenue Service (IRS) for certain U.S. taxpayers. It is used to report specified foreign financial assets if the total value exceeds certain thresholds. This form is part of the IRS's efforts to combat tax evasion and ensure compliance with U.S. tax laws regarding foreign assets. Taxpayers must disclose various types of foreign assets, including bank accounts, stocks, bonds, and other financial instruments held outside the United States.

How to use the Form 8938

Using Form 8938 involves several steps to ensure accurate reporting of foreign financial assets. Taxpayers must first determine if they meet the filing requirements based on their total asset value. If required to file, they should gather all relevant information about their foreign assets, including account numbers, financial institution details, and asset values. The form must be completed in accordance with IRS guidelines, ensuring all necessary fields are filled out correctly. Once completed, the form should be submitted along with the taxpayer's annual income tax return.

Steps to complete the Form 8938

Completing Form 8938 requires careful attention to detail. Here are the key steps:

  • Determine if you are required to file based on your total foreign asset value.
  • Gather necessary information about each foreign financial asset, including type, value, and institution.
  • Fill out the form accurately, ensuring all required fields are completed.
  • Review the form for any errors or missing information.
  • Submit the completed form with your annual tax return or file it separately if necessary.

Legal use of the Form 8938

The legal use of Form 8938 is essential for compliance with U.S. tax laws. Filing this form is mandatory for specified individuals who meet the asset threshold. Failure to file can result in significant penalties, including fines and interest on unpaid taxes. It is crucial to ensure that the information provided is accurate and complete to avoid legal repercussions. Taxpayers should consult with a tax professional if they have questions about their filing obligations related to this form.

Filing Deadlines / Important Dates

The filing deadlines for Form 8938 align with the annual income tax return deadlines. Typically, the form is due on April fifteenth of each year, coinciding with the due date for individual tax returns. If an extension is filed for the tax return, the same extension applies to Form 8938. It is important to be aware of these deadlines to ensure timely compliance and avoid potential penalties.

Penalties for Non-Compliance

Non-compliance with the Form 8938 filing requirements can lead to severe penalties. The IRS imposes a penalty of up to $10,000 for failing to file the form when required. Additionally, if the failure continues for more than 90 days after the IRS notifies the taxpayer of the requirement, an additional penalty may apply. It is crucial for taxpayers to understand these consequences and ensure they comply with all reporting obligations to avoid financial repercussions.

Quick guide on how to complete form 8938 2017

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