Instructions For Form 8938 - 2016 printable pdf download

2016

Department of the Treasury

Internal Revenue Service

Instructions for

Form 8938

Statement of Specified Foreign Financial Assets

Section references are to the Internal Revenue

that is a current beneficiary of the trust.

Do not send a Form 8938 to the

Code unless otherwise noted.

See

Specified Individual

and

Current

IRS unless it is attached to an

beneficiary, later.

General Instructions

annual return or an amended

CAUTION

Global Intermediary Identification

return.

Number (GIIN). On pages 2 and 3 of

Future developments. The IRS has

Who Must File

the form, line 7b of Parts V and VI was

created a page on IRS.gov for

revised to request the reporting of any

information about Form 8938 and its

Unless an exception applies, you must

GIIN associated with the specified

instructions, at

file Form 8938 if you are a specified

foreign financial asset reported on

Information about any future

person (either a specified individual or a

line 7a of Parts V or VI. Reporting the

developments affecting Form 8938

specified domestic entity) that has an

GIIN on Form 8938 is optional.

(such as legislation enacted after we

interest in specified foreign financial

release it) will be posted on that page.

assets and the value of those assets is

Purpose of Form

more than the applicable reporting

Use Form 8938 to report your specified

What's New

threshold.

foreign financial assets if the total value

Specified domestic entity reporting.

of all the specified foreign financial

If you are required to file Form 8938,

For tax years beginning after December

assets in which you have an interest is

you must report the specified foreign

31, 2015, certain domestic corporations,

more than the appropriate reporting

financial assets in which you have an

partnerships, and trusts that are

threshold. See

Reporting

Thresholds,

interest even if none of the assets

considered formed or availed of for the

later.

affects your tax liability for the year. See

purpose of holding, directly or indirectly,

Specified

Individual,

Specified Domestic

Filing Form 8938 does not

specified foreign financial assets

Entity, and

Reporting

Thresholds, later.

relieve you of the requirement to

(specified domestic entities) must file

file FinCEN Form 114, Report of

Exception if no income tax

Form 8938 if the total value of those

CAUTION

Foreign Bank and Financial Accounts

return required. If you do not

assets exceeds $50,000 on the last day

TIP

(FBAR), if you are otherwise required to

have to file an income tax return

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

file the FBAR. See FinCEN Form 114

for the tax year, you do not have to file

during the tax year.

and its instructions for FBAR filing

Form 8938, even if the value of your

For more information on domestic

requirements. See Comparison of Form

specified foreign financial assets is

corporations, partnerships, and trusts

8938 and FBAR Requirements,

more than the appropriate reporting

that are specified domestic entities and

available at

threshold.

must file Form 8938, and the types of

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

specified foreign financial assets that

Requirements, for a chart comparing

must be reported, see

Who Must

File,

Specified Individual

Form 8938 and FBAR filing

Specified Domestic

Entity,

Specified

requirements.

You are a specified individual if you are

Foreign Financial

Assets,

Interests in

one of the following.

Specified Foreign Financial

Assets, and

When and How To File

A U.S. citizen.

Assets Not Required To Be

Reported,

Attach Form 8938 to your annual return

A resident alien of the United States

later.

and file by the due date (including

for any part of the tax year (but see

Identifying Information. The

extensions) for that return.

Reporting

Period, later).

identifying information section at the top

A nonresident alien who makes an

An annual return includes the

of page 1 of Form 8938 was revised to

election to be treated as a resident alien

following returns.

incorporate the Form 8938 filing

for purposes of filing a joint income tax

Form 1040.

requirement by certain domestic

return.

Form 1040NR.

entities. These revisions include the

A nonresident alien who is a bona

Form 1041.

following:

fide resident of American Samoa or

Form 1041-N.

New line 3, Type of Filer, was added,

Puerto Rico. See Pub. 570, Tax Guide

Form 1065.

with checkboxes identifying the type of

for Individuals With Income From U.S.

Form 1120.

Form 8938 filer.

Possessions, for a definition of bona

Form 1120-S.

New line 4 was added for

fide resident.

partnerships, corporations, and trusts to

A reference to an “annual return” or

Resident aliens. You are a resident

provide the name and TIN of the

“income tax return” in the instructions

alien if you are treated as a resident

specified individual who closely holds

includes a reference to any return listed

alien for U.S. tax purposes under the

the partnership or corporation, or the

here, whether it is an income tax return

green card test or the substantial

specified person (that is, a specified

or an information return.

presence test. For more information,

individual or a specified domestic entity)

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

Nov 15, 2016

Cat. No. 55389W

Instructions For Form 8938 - 2016

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