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 Irs 8938 Instructions Form 2017

2017-2025 Form

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Instructions and help about Irs 8938 Instructions Form

form 8938 is a form that needs to be filed by US citizens and US resident individuals who have foreign financial assets those individuals generally must attach form 8938 to their US tax return but only if the value of all the foreign financial assets exceed certain thresholds threshold is $50,000 for single individuals and $100,000 for spouses filing jointly and the thresholds for both of those categories are doubled if you live outside the United States currently only individuals need to file form 8938 but the IRS anticipates making it required for domestic entities as well there is a $10,000 penalty if you're required to file form 8938 and you fail to file it if there is any doubt as to whether the form needs to be filed I typically go ahead and file it there is no penalty for filing the form if you do not need to file it typically if you do need to file form 8938 you also need to file FinCEN form 1 1 4 otherwise known as the eff bar on the form you fill out your name your ta

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