Form 8938 Filling Assistant
A free tool by Zenceipt
Part I: Foreign Deposit and Custodial Accounts
Disclaimer: This tool provides an estimate based on the information you provide and current IRS regulations. It is only meant to generate a document that mirrors the official Form 8938 for easy transcription. It is not the official Form 8938. It is not a substitute for professional tax advice. Always consult with a qualified tax professional for your specific situation.
Form 8938 Questions, Answered
What is the main purpose of Form 8938?
Form 8938, or the Statement of Specified Foreign Financial Assets, is used to report your foreign financial assets to the IRS. It was introduced as part of the Foreign Account Tax Compliance Act (FATCA) to increase transparency and combat offshore tax evasion.
Is Form 8938 the same as the FBAR?
No, they are separate reporting requirements, although they often overlap. The FBAR (FinCEN Form 114) is filed with the Financial Crimes Enforcement Network, while Form 8938 is filed with your IRS tax return. The filing thresholds and types of assets to report can differ. You may need to file one, both, or neither.
What kind of assets do I report in Part II?
Part II, "Other Foreign Assets," is for assets not held in a financial account. This includes things like stock in a foreign corporation that you hold directly, a capital or profits interest in a foreign partnership, or notes, bonds, or debentures issued by a foreign person.
How do I handle currency conversion?
You must report the value of your assets in U.S. dollars. The IRS requires you to use the U.S. Treasury Department's Financial Management Service year-end exchange rate. Our tool automatically fetches reliable year-end rates to simplify this for you, but you should always verify the exact rate used for your specific tax year.
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