WebApr 3, 2013 · Form 8938 - Foreign asset reporting New Section 6038D, which was also enacted as part of FATCA, requires certain US taxpayers holding specified foreign financial assets (SFFAs) to report those assets to the IRS using Form 8938, Statement of Specified Foreign Financial Accounts, with their annual income tax return if certain thresholds are … WebFeb 15, 2012 · Failure to file a timely and correct Form 8938, or if there is an understatement of tax or omission of income related to an SFFA, may result in a penalty. The failure to file penalty is $10,000. Continued failure to file a correct and complete Form 8938 within 90 days of an IRS request can result in an additional penalty of $10,000 for each 30 ...
IRS Form 8938: What Is it and Who Needs to File? - H&R …
WebNov 14, 2024 · The input Foreign Account Tax Compliance Act (FATCA) , Form 8938, Statement of Specified Foreign Financial Assets, and Form 8966, FATCA Report, is being done to comply with the Foreign Account Tax Act … WebApr 21, 2024 · The only options in turboTax seem to be for Deposit and Custodial accounts. IRS Form 8983 also allows for other foreign assets summarized in part II with detail of the account to be provided in part VI. I need to enter foreign pension in Part VI section 8. ... If you have met the reporting threshold and are required to file Form 8938, you ... disney universe phineas and ferb
Form 8938 in a Nutshell - Expat Forum For People Moving …
WebDec 19, 2024 · Note that the definition of a pecuniary asset in IRC Fachbereich 6038D is expanded than the definition in the IGA. According until this 8938 instructions, a financial asset includes: • Financial (deposit and custodial) accounts held at foreign fiscal institutionals • Foreign stock or securities • Foreign pensions • Foreign partnership ... WebDec 9, 2024 · A financial account, such as a depository, custodial or retirement account, at a U.S. branch of a foreign financial institution is an exception to the general rule that a financial account maintained by a foreign financial institution is specified foreign … WebTechnically speaking, Form 8938 refers to the IRS’ Statement of Specified Foreign Financial Assets filed by US Persons with FATCA Assets that are reportable to the Internal Revenue … c pack meaning