Do I Need to Fill Out a FATCA IRS Form 8938?

IRS Form 8938What is the FATCA Form 8938?

IRS Form 8938 is required to be filled out by any US taxpayer that holds international resources. This must be attached to the taxpayer’s annual income tax return to avoid penalties.

Do I need to file Form 8938?

Whether living within US territories or abroad, one must fill-out IRS Form 8938 if:

1. A specific individual is a US citizen, either natural-born citizen or granted Green Card.

2. One possesses financial account/s under foreign financial institution/s, and/or financial assets not maintained under any US institutions, excluding it from US tax reports. (Note that foreign branches of US financial institutions and US branches of foreign financial institutions are exempted.)

3. Financial assets exceed threshold under one’s category:

Single living in the US – foreign financial assets reach more than $50,000 on last day of tax year or exceed $75,000 anytime during tax year

Married with joint income tax return living in the US – foreign financial assets reach more than $100,000 on last day of tax year or exceed $150,000 anytime during tax year

Married with separate income return living in the US – foreign financial assets reach more than $50,000 on last day of tax year or exceed $75,000 anytime during tax year

Taxpayer living abroad – foreign financial assets reach more than $200,000 on last day of tax year or exceed $300,000 anytime during tax year; or your joint tax return and your foreign financial assets reach more than $400,000 on last day of tax year or exceed $600,000 anytime during tax.

If all three descriptions apply to you, then you must comply and fill-out the IRS Form 8938 immediately.

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