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Form 8938: Statement Of Specified Foreign Financial Assets
IRS Form 8938 is Statement Of Specified Foreign Financial Assets, used to report specified foreign financial assets if the total value exceeds the reporting threshold. If you are required to file, a failure-to-file penalty can be $10,000.
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IRS Form 8938 - Statement Of Specified Foreign Financial Assets
IRS Form 8938 is Statement Of Specified Foreign Financial Assets, used to report specified foreign financial assets if the total value exceeds the reporting threshold. If you are required to file, a failure-to-file penalty can be $10,000.
Risk Radar
Scan points- 1Do not send IRS Form 8938 unless it is attached to an annual return or amended return.
- 2Filing without specifying the applicable calendar or tax year at the top of Form 8938.
- 3Submitting Form 8938 when no income tax return is required for that tax year (unless an exception applies).
- 4Not reporting assets even if none affect your tax liability, provided you are required to file.
- 5Failing to attach Form 8938 to the correct annual or amended return.
Plain English
This form tells the IRS about any foreign bank accounts or investments that meet specific criteria. You must submit Form 8938 if the total value of these assets is above certain limits for your situation. Filing this form does not replace the need to file FinCEN Form 114 (FBAR) if you are otherwise required to do so.
Submission Date
- Filing date: 2021-12-22 22:10:49
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when you have an interest in specified foreign financial assets and the total value exceeds the appropriate reporting threshold.
- Do not use it when your total specified foreign financial asset value is at or below the applicable reporting threshold for your filing status.
- Check Form 3520-A instead when you are a trust that timely files Form 3520-A, as this form reports the filing of those assets.
Deadline or filing window
The filing trigger is having specified foreign financial assets whose total value exceeds the appropriate reporting threshold. The deadline is the due date (including extensions) of your annual return. If you fail to file correctly, a $10,000 penalty can be applied immediately.
Checklist
What you need before filling it out
Total Asset Value
The total value of all specified foreign financial assets in which you have an interest · Form 8938 (implied)
Filer Status
You must select 'a' Specified individual, 'b' Partnership, 'c' Corporation, or 'd' Trust on Part I of Form 8938 · Form 8938 (Part I)
Reporting Thresholds
The applicable threshold amount based on filing status; thresholds vary ($50,000 or $75,000) · Instructions p.1 & Part I/II of Form 8938 (implied)
Foreign Asset Type
Any asset listed in the instructions (e.g., note, bond, interest rate swap) · Instructions p.7
Required Filing Status
You must be a specified person that has an interest in specified foreign financial assets · Instructions p.1
Filing Deadline
Attach Form 8938 to your annual return and file by the due date (including extensions) for that return · Instructions p.1
Before you submit
- 1Specify the applicable calendar or tax year at the top of Form 8938.
- 2Ensure you select one of the four types of filer (a, b, c, or d) on Part I.
- 3If selecting 'b' Partnership or 'c' Corporation, enter the name and TIN of the specified individual who closely holds it.
- 4If selecting 'd' Trust, enter the name and TIN of the specified person who is a current beneficiary.
- 5Confirm that the total value of your specified foreign financial assets exceeds the appropriate reporting threshold.
- 6Verify that Form 8938 is attached to an annual return or amended return (not sent alone).
- 7If applicable, check the box indicating the number of additional statements attached.
How to file this form
- 1Determine the specific calendar year or tax year to which your Form 8938 relates and specify it at the top of the form.
- 2Select the appropriate Type of filer (a, b, c, or d) on Part I, then complete any required identification lines (Name/TIN).
- 3Report all specified foreign financial assets that meet your filing threshold, ensuring you include specific asset types like notes, swaps, or trust interests.
- 4Attach the completed Form 8938 to the relevant annual return (such as Form 1040) and file by that return's due date.
Known limitations
- 1If the total value of specified foreign financial assets does not exceed $49,000 during the tax year, filing Form 8938 is not required.
- 2A filer does not need to file if they do not satisfy the reporting threshold of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year (unless exceptions apply).
- 3If a specified person owns an entity disregarded for tax purposes that owns one specified foreign financial asset valued at $30,000, and also owns another specified foreign financial asset valued at $25,000, the total value of $55,000 satisfies the reporting threshold (more than $50,000 on the last day of the tax year).
- 4If a filer receives no distributions during the tax year and does not know or have reason to know the fair market value as of the last day of the tax year, they may use a value of zero for the asset's maximum value.
Field map
Compact field-by-field guide
Entity Info
1 items
Name and taxpayer ID of the entity claiming the credit.
Credit Info
1 items
Type of credit or incentive being claimed.
Calculation
2 items
The base amount used to calculate the credit.
Calculated credit amount after applying formulas and limitations.
Certification
1 items
Detailed breakdown supporting the credit calculation.
Signatures
1 items
Sign and date the form.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition of IRS Form 8938 is dated November 2021 and has been converted from an annual revision to continuous use; the instructions state that both the form and instructions will be updated as needed.
What changed or needs a fresh check
- Edition date — confirm the revision reads November 2021.
- Form number — confirm the form is IRS Form 8938.
- Attachment Sequence No. — confirm it reads 938.
- Signature — state that a signature location is not explicitly mentioned in the provided excerpts, but must be present to file.
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed Form 8938.
- 2Ensure the form is attached to an annual return or amended return when sending it to the IRS, unless an exception applies.
- 3If underpaying tax due to fraud, the filer must pay a penalty equal to 75% of the underpayment due to fraud.
- 4A failure to file Form 8938, fail to report an asset, or have an underpayment of tax may subject the filer to criminal penalties.
Sources
- SRCInstructions p.1 — You must specify the applicable calendar year or tax year on Form 8938.
- SRCInstructions p.1 — Do not send Form 8938 unless it is attached to an annual return or amended return.
- SRCInstructions p.5 — The reporting threshold for filing Form 8938 is more than $50,000 on the last day of the tax year OR more than $75,000 at any time during the tax year.
- SRCInstructions p.6 — For a non-married filer who sold an asset valued at $125,000, they must file because it was more than $75,000 at some point.
- SRCInstructions p.6 — If two unrelated U.S. residents jointly own an asset valued at $60,000, each filer satisfies the threshold of more than $50,000 on the last day of the tax year.
- SRCInstructions p.10 — Assets located in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands do not count toward satisfying the reporting threshold.
- SRCInstructions p.11 — A penalty of 75% of the underpayment due to fraud must be paid if tax is underpaid due to fraud.
- SRCNot stated in the official source — verify on the agency site (Specific filing deadline for Form 8938).
Common confusion points
When do I have to file?
You must file if you are a specified person with an interest in specified foreign financial assets and the value is more than the applicable reporting threshold.
→ Check if your total asset value exceeds $49,000 during the year.
Does my spouse and I filing jointly change the rules?
If both spouses do not live abroad and file a joint return, they may still need to file even if jointly owning one asset valued at $60,000, depending on thresholds.
→ Compare your total value against the applicable threshold (e.g., $100,000 for married filing jointly).
Do I have to report assets held by a disregarded entity?
Yes; you must count the asset owned by an entity disregarded for tax purposes as if you own it directly when determining the reporting threshold.
→ Sum the value of all assets, including those in disregarded entities.
What if my total is $50,000 exactly?
If your total does not exceed $49,000 during the year, you do not have to file; however, if it is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year, you must file.
→ Verify that your value is strictly greater than $49,000.
Do all my financial accounts count?
No; certain specified foreign financial assets are exempt from reporting (e.g., shares in a foreign corporation where taxable distributions were not reported).
→ Review the list of assets 'Not Required To Be Reported' on Form 8938.
What if I sell an asset mid-year?
You must satisfy the threshold based on the highest value reached during the tax year, even if you don't hold it at year-end.
→ Check both your year-end balance and any peak balances achieved throughout the tax year.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 8938 itself is the form that must be filed to report specified foreign financial assets.
Questions about IRS Form 8938
What is IRS Form 8938 used for?
This form tells the IRS about any foreign bank accounts or investments that meet specific criteria. You must submit Form 8938 if the total value of these assets is above certain limits for your situation. Filing this form does not replace the need to file FinCEN Form 114 (FBAR) if you are otherwise required to do so.
Who must file IRS Form 8938?
A specified person, which can be a specified individual or a specified domestic entity, must file IRS Form 8938 if their interest in specified foreign financial assets exceeds the applicable reporting threshold.
What information does IRS Form 8938 require?
The form collects details about all specified foreign financial assets, regardless of whether they affect your tax liability. Specific instructions cover reporting requirements for both individuals and entities.
When is IRS Form 8938 due?
Form 8938 must be attached to your annual return and filed by the due date (including extensions) for that specific calendar or tax year.
Where do I file IRS Form 8938?
The source states Form 8938 must be attached to an annual return, but does not specify a particular IRS service center address; it directs users to attach it to their filing.
How do I complete IRS Form 8938?
The filer must specify the applicable calendar year or tax year at the top of Form 8938 before completing it. If you are a specified individual and report all assets on Form 3520, 3520-A, 5471, 8621, or 8865, complete Part IV only. Otherwise, report the assets and complete Part IV.
What happens if IRS Form 8938 is filed incorrectly?
Failure-to-File: If you are required to file IRS Form 8938 but do not submit a complete and correct one by the due date (including extensions), a penalty of $10,000 may apply. Fraud penalties can reach 75% of the underpayment.
When do I have to file?
You must file if you are a specified person with an interest in specified foreign financial assets and the value is more than the applicable reporting threshold. Check if your total asset value exceeds $49,000 during the year.
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