What is Form 8938?
IRS form used to report specified foreign financial assets under FATCA requirements.
Definition
Form 8938, Statement of Specified Foreign Financial Assets, is an IRS form that US taxpayers use to report their foreign financial assets if they meet certain thresholds. This form is filed as part of your annual tax return and is separate from the FBAR requirement.
Who Needs to Know This?
US taxpayers with foreign financial assets exceeding the reporting thresholds based on filing status and whether living in the US or abroad.
Key Deadline
Due with your tax return (April 15 or extended deadline)
Potential Penalties
$10,000 for failure to file, additional $10,000 for each 30 days of non-filing after IRS notice (up to $50,000)
Related Forms
Common Mistakes to Avoid
- 1Filing Form 8938 but forgetting FBAR (both may be required)
- 2Not knowing the different thresholds for US residents vs expats
- 3Failing to include foreign pension plans
- 4Incorrectly valuing assets in foreign currency
Related Terms
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