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Form 8938 Statement of Specified Foreign Financial Assets 2020

Use a Form 8938 Statement Of Specified Foreign Financial Assets 2020 template to make your document workflow more streamlined.

Www.irs.gov/Form8938 for instructions and the latest information. Attach to your tax return. For calendar year 2020 or tax year beginning 2020 and ending If you have attached continuation statements check here Attachment Sequence No. 938 Number of continuation statements Name s shown on return Type of filer Specified individual b Partnership c Corporation d Trust a If you checked box 3a skip this line 4. Taxpayer identification number TIN b Tax item e f g Interest Dividends Royalties Other...

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What is the Form 8938 Statement Of Specified Foreign Financial Assets

The Form 8938, officially known as the Statement of Specified Foreign Financial Assets, is a tax form required by the Internal Revenue Service (IRS) for certain U.S. taxpayers. This form is designed to report specified foreign financial assets, which may include foreign bank accounts, stocks, and other financial instruments. Taxpayers must file this form if their total value of specified foreign financial assets exceeds certain thresholds, which vary based on filing status and residency.

How to use the Form 8938 Statement Of Specified Foreign Financial Assets

Using Form 8938 involves accurately reporting your specified foreign financial assets to the IRS. Begin by gathering information about your foreign financial accounts and assets. You will need to provide details such as account numbers, the maximum value of each asset during the year, and the name and address of the financial institution. Ensure that you meet the reporting thresholds before filing. The form can be filed electronically if you are e-filing your tax return, or it can be submitted as a paper form along with your annual tax return.

Steps to complete the Form 8938 Statement Of Specified Foreign Financial Assets

Completing Form 8938 involves several steps:

  • Determine if you are required to file based on your asset thresholds.
  • Gather necessary information about your foreign financial assets, including account details and maximum values.
  • Fill out the form accurately, ensuring all required fields are completed.
  • Review the form for accuracy and completeness before submission.
  • File the form electronically or by mail as part of your tax return.

Filing Deadlines / Important Dates

Form 8938 must be filed along with your annual tax return. The typical deadline for individual tax returns is April 15, with extensions available until October 15. If you are required to file Form 8938, it is essential to adhere to these deadlines to avoid penalties. Keep in mind that if you are living abroad, different deadlines may apply, so it is important to check the IRS guidelines for your specific situation.

Penalties for Non-Compliance

Failing to file Form 8938 when required can result in significant penalties. The IRS imposes a penalty of $10,000 for failure to file, and additional penalties may apply for continued non-compliance after receiving a notice from the IRS. In some cases, taxpayers may also face criminal charges for willful failure to report foreign financial assets. Therefore, it is crucial to ensure compliance with all reporting requirements to avoid these consequences.

Eligibility Criteria

To determine your eligibility for filing Form 8938, consider the following criteria:

  • You must be a specified individual, which includes U.S. citizens, resident aliens, and certain non-resident aliens.
  • Your total value of specified foreign financial assets must exceed the reporting thresholds set by the IRS.
  • You must have an interest in specified foreign financial assets, which can include bank accounts, stocks, and other financial instruments.

Quick guide on how to complete 2020 form 8938 statement of specified foreign financial assets

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Related links to Form 8938 Statement Of Specified Foreign Financial Assets
26 CFR § 1.6038D-3 - Specified foreign financial assets.

An asset held in a financial account maintained by a foreign financial institution is not required to be separately reported on Form 8938, “Statement of ...Read more

About Form 8938, Statement of Specified Foreign Financial ...

Jan 23, 2026 — Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest ...Read more

Parents' Election To Report Child's Interest and Dividends

assets from that account and may be required to file Form 8938,. Statement of Specified Foreign Financial Assets. See the Form 8938 instructions for details ...Read more

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