Instructions For Form 8938 - Statement Of Specified Foreign Financial Assets

2017

Department of the Treasury

Internal Revenue Service

Instructions for

Form 8938

Statement of Specified Foreign Financial Assets

Requirements, for a chart comparing

Section references are to the Internal Revenue

Specified Individual

Code unless otherwise noted.

Form 8938 and FBAR filing

You are a specified individual if you are

requirements.

General Instructions

one of the following.

A U.S. citizen.

When and How To File

A resident alien of the United States

Future developments. For the latest

Attach Form 8938 to your annual return

for any part of the tax year (but see

information about developments related

and file by the due date (including

Reporting

Period, later).

to Form 8938 and instructions, such as

extensions) for that return.

A nonresident alien who makes an

legislation enacted after they were

election to be treated as a resident alien

published, go to IRS.gov/Form8938.

An annual return includes the

for purposes of filing a joint income tax

following returns.

Reminders

return.

Form 1040.

A nonresident alien who is a bona

Form 1040NR.

Specified domestic entity reporting.

fide resident of American Samoa or

Form 1041.

For tax years beginning after December

Puerto Rico. See Pub. 570, Tax Guide

Form 1041-N.

31, 2015, certain domestic corporations,

for Individuals With Income From U.S.

Form 1065.

partnerships, and trusts that are

Possessions, for a definition of bona

Form 1120.

considered formed or availed of for the

fide resident.

Form 1120-S.

purpose of holding, directly or indirectly,

Resident aliens. You are a resident

specified foreign financial assets

A reference to an “annual return” or

alien if you are treated as a resident

(specified domestic entities) must file

“income tax return” in the instructions

alien for U.S. tax purposes under the

Form 8938 if the total value of those

includes a reference to any return listed

green card test or the substantial

assets exceeds $50,000 on the last day

here, whether it is an income tax return

presence test. For more information,

of the tax year or $75,000 at any time

or an information return.

see Pub. 519, U.S. Tax Guide for

during the tax year.

Aliens. If you qualify as a resident alien

Do not send a Form 8938 to the

For more information on domestic

under either rule, you are a specified

IRS unless it is attached to an

corporations, partnerships, and trusts

individual.

annual return or an amended

that are specified domestic entities and

CAUTION

return.

Special rule for dual resident taxpay-

must file Form 8938, and the types of

ers. If you are a dual resident taxpayer

specified foreign financial assets that

Who Must File

(within the meaning of Treasury

must be reported, see

Who Must File,

Regulations section 301.7701(b)-7(a)

Specified Domestic Entity, Specified

Unless an exception applies, you must

(1)), who determines his or her income

Foreign Financial Assets, Interests in

file Form 8938 if you are a specified

tax liability for all or a portion of the

Specified Foreign Financial Assets,

and

person (either a specified individual or a

taxable year as if he or she were a

Assets Not Required To Be Reported,

specified domestic entity) that has an

nonresident alien as provided by

later.

interest in specified foreign financial

Treasury Regulations section

assets and the value of those assets is

Purpose of Form

301.7701(b)-7, file Form 8938 as

more than the applicable reporting

Use Form 8938 to report your specified

follows:

threshold.

foreign financial assets if the total value

Specified individual filing as a

of all the specified foreign financial

If you are required to file Form 8938,

nonresident alien at the end of his or

assets in which you have an interest is

you must report the specified foreign

her taxable year. You are not

more than the appropriate reporting

financial assets in which you have an

required to report specified foreign

threshold. See

Reporting

Thresholds,

interest even if none of the assets

financial assets on Form 8938 for the

later.

affects your tax liability for the year. See

portion of your taxable year covered by

Specified

Individual,

Specified Domestic

Filing Form 8938 does not

Form 1040NR or Form 1040NR-EZ,

Entity, and

Reporting

Thresholds, later.

relieve you of the requirement to

provided you comply with the filing

file FinCEN Form 114, Report of

requirements of Treasury Regulations

Exception if no income tax

CAUTION

Foreign Bank and Financial Accounts

section 301.7701(b)-7(b) and (c),

return required. If you do not

TIP

(FBAR), if you are otherwise required to

including the requirement to timely file

have to file an income tax return

file the FBAR. See FinCEN Form 114

Form 1040NR or Form 1040NR-EZ, as

for the tax year, you do not have to file

and its instructions for FBAR filing

applicable, and attach Form 8833.

Form 8938, even if the value of your

requirements. See Comparison of Form

specified foreign financial assets is

Specified individual filing as a

8938 and FBAR Requirements,

more than the appropriate reporting

resident alien at the end of his or her

available at

threshold.

taxable year. You are not required to

Comparison-of-Form-8938-and-FBAR-

Nov 08, 2017

Cat. No. 55389W

Instructions For Form 8938 - Statement Of Specified Foreign Financial Assets - 2017

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