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IRSCredits & Incentives (8800/8900 Series)

Official form guide

Form 8978: 8978

Form 8978 is an IRS information return that reports certain foreign financial assets owned by a U.S. beneficial owner. It is filed when those assets are reported on Form 8938 but the owner is not otherwise required to file Form 8938.

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Form Overview

IRS Form 8978 - 8978

Form 8978 is an IRS information return that reports certain foreign financial assets owned by a U.S. beneficial owner. It is filed when those assets are reported on Form 8938 but the owner is not otherwise required to file Form 8938.

The form captures the owner's name, taxpayer ID, asset description, account numbers, and the value of each foreign asset.

Risk Radar

Scan points
  • 1A single missing asset can trigger a $10,000 penalty per violation.
  • 2Using the wrong taxpayer identification number
  • 3Omitting an asset that appears on Form 8938
  • 4Reporting an incorrect asset value
  • 5Filing after the tax return deadline

Plain English

If you own foreign bank accounts, stocks, or other assets that the IRS needs to know about, you may have to send Form 8978. It tells the IRS about the assets without requiring a full FATCA return.

Submission Date

  • Filing date: 2024-12-31 22:12:15
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

financialforeignowner

Hover a term to preview the meaning.

What this form is for

  • Use when you have foreign financial assets reported on Form 8938 but you are not filing Form 8938 yourself.
  • Do not use if you are already filing Form 8938 for the same assets.
  • Check Form 3520 if you received a foreign gift or inheritance.

Form selector

Use this form or another form?

You own foreign assets and file Form 8938

Direct reporting of assets on individual return

✓ Verify filing requirement before using Form 8978

Form 8938

You receive a foreign gift > $100,000

Report receipt of foreign gifts/inheritances

✓ Different reporting thresholds apply

Form 3520

Deadline or filing window

Form 8978 is due by the same date as the taxpayer’s federal income tax return, typically April 15, or October 15 with an approved extension. If filing an extension, the form must be attached to the extended return.

  • —Asset fair market value | Sum of all listed assets | Total reported value | Verify against statements

Checklist

What you need before filling it out

1

Owner name and SSN/ITIN

Valid IRS notice or prior return · Tax return header

⚠ Misspelled name or wrong number✕ High
2

Asset description

Foreign bank statement or brokerage report · Account statements

⚠ Vague description✕ Medium
3

Account number

Statement showing account number · Bank or broker statement

⚠ Truncated number✕ Low
4

Asset value

Year‑end statement · Official valuation

⚠ Rounding errors✕ Medium

Before you submit

  1. 1Confirm the form version matches the tax year
  2. 2Verify the taxpayer ID matches the primary return
  3. 3List every foreign asset that appears on Form 8938
  4. 4Check each asset’s fair market value for accuracy
  5. 5Ensure all required signatures are present
  6. 6Attach the form to the tax return or include in e‑file package
  7. 7Use the correct IRS mailing address for paper filings
  8. 8Retain a copy of the completed form for your records

How to file this form

  1. 1Collect all foreign account statements and valuation reports
  2. 2Enter owner information exactly as on the main tax return
  3. 3Enter each asset’s description, account number, and value
  4. 4Review totals and compare with source documents
  5. 5Sign the form or have an authorized representative sign
  6. 6File electronically via e‑file or mail the paper form to the address in the instructions
  7. 7Keep a dated copy of the filed form

Known limitations

  1. 1Form does not replace Form 8938 when filing is required
  2. 2Only applicable to assets that trigger FATCA reporting
  3. 3No fee schedule provided; assume no fee
  4. 4Instructions may change annually; always verify the current edition

Field map

Compact field-by-field guide

6 fields

Entity Info

1 items

Taxpayer Name and TIN

Name and taxpayer ID of the entity claiming the credit.

Requiredtext

Credit Info

1 items

Credit Type

Type of credit or incentive being claimed.

Requiredselect

Calculation

2 items

Qualifying Amount

The base amount used to calculate the credit.

Requiredamount
Credit Amount

Calculated credit amount after applying formulas and limitations.

Requiredamount

Certification

1 items

Supporting Information

Detailed breakdown supporting the credit calculation.

text

Signatures

1 items

Signature

Sign and date the form.

Requiredsignature
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Current form status
IRS

Form 8978 is active for tax years 2022 onward. The latest revision is the 2024 edition. Check the IRS website for any updates before filing.

What changed or needs a fresh check

  • Edition date: verify the form is the 2024 version
  • Fee: no filing fee for Form 8978
  • Mailing address: use the address in the 2024 instructions for paper filings
  • Electronic filing: confirm e‑file eligibility in the instructions
  • Signature requirement: must be signed by the taxpayer or authorized agent

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Quick Facts

U.S. individuals, estates, or trusts that are beneficial owners of foreign financial assets covered by Form 8938 but not filing Form 8938 themselves.
The form captures the owner's name, taxpayer ID, asset description, account numbers, and the value of each foreign asset.
It is generally due with the taxpayer’s annual income tax return, by the regular filing deadline (including extensions).
Submit electronically through the IRS e‑file system or mail to the address listed in the form’s instructions for paper filings.
Incorrect or missing information can trigger penalties, additional audits, and delays in processing the taxpayer’s return.
Gather all foreign asset statements, fill in the owner’s identifying information, list each asset with its value, review for accuracy, and attach the form to the tax return or e‑file it separately. Verify the taxpayer ID matches the primary return. Keep a copy for records.

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After you file

  1. 1Store the signed copy with your tax records for at least seven years
  2. 2Mark the filing date on your calendar for future reference
  3. 3Monitor any IRS notices for errors or additional information requests
  4. 4If you filed an extension, confirm the extended deadline was met
  5. 5Update your asset list for the next tax year

Sources

  • SRCForm 8978 title and purposeIRS official form description
  • SRCFiling deadline aligns with tax return deadlineIRS instructions
  • SRCNo filing fee listedIRS form instructions
  • SRCSignature requirementForm 8978 instructions
  • SRCMailing address for paper filingIRS instructions page
  • SRCEligibility for e‑fileIRS e‑file guidelines
  • SRCPenalty referenceIRS penalty provisions for information returns

Common confusion points

Form 8978 vs. Form 8938

Both report foreign assets but have different filing triggers

→ Check which form you are required to file

Electronic vs. paper filing

Some taxpayers must e‑file

→ Verify e‑file eligibility in the instructions

Asset valuation date

Must use year‑end fair market value

→ Confirm the date used on statements

Signature requirement

Missing signature causes rejection

→ Ensure a signature line is completed

Mailing address

Different for paper vs. e‑file

→ Use the address listed for paper submissions

Workflow map

Related forms and next steps

4 signals

Before

Form 1040 (individual income tax return)

Current

8978

After

Form 3520 (Report of Foreign Gifts and Inheritances) if applicable

Often used with

Form 8938 (Statement of Specified Foreign Financial Assets)

⚠ If something goes wrong

  • Form 1040X (Amended U.S. Individual Income Tax Return) to correct errors

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Source transparency

Copyright & Licensing - US Government Forms

Independent guide

BrieflyGo links to and explains official public form sources. We are not a government agency, and this page is for general form guidance, not legal advice.

Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Verify current license terms with the source agency before reuse outside this platform.

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