FATCA with many accounts - how to file 8938

[GypsyT]

This is new e-filing is new to me; No room for more than 1 foreign account.

Old forms had place for many.

 

Do I make own form for every account?

 

Thanks!

[taxout]

Are you using the IRS Fillable Form 8938? Here's what the instructions say about adding accounts to Form 8938:

 

"Form 8938, Statement of Foreign Financial Assets:

Taxpayers may only attach one of these forms to their return. The form has two pages. Parts V and VI are on page 2. You may add, as continuation pages, a total 25 copies of page 2 (continuation pages)."

 

https://www.irs.gov/e-file-providers/free-file-fillable-forms-program-limitations-and-available-forms#Form8938

[Chicksaw]

May I ask who has to file the 8938? I have already filed the FinCEN 114 (FBAR) declaring all expat bank acs, First time I am hearing of yet another form to declare expat assets. 

[GypsyT]

Thank you but I can't open more #2 pages....

I don't know why.

Maybe I make paper copies and mail all to IRS.

 

RE; 8938

"Certain U.S. taxpayers holding specified foreign financial assets with an aggregate value exceeding $50,000 will report information about those assets on new Form 8938, which must be attached to the taxpayer’s annual income tax return. "

More;

"Do I need to file 8938 if I file FBAR?

A financial asset that is reported on Form 8938 (FATCA) does not necessarily need to be reported on your FBAR form and vice versa."

 

Edited January 31, 2023 by GypsyT
more info

[Migz]

  If you are a taxpayer living abroad you must file Form 8938 if:
 

• You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
• You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.

   

[Migz]

This is the IRS website link:

 

FATCA Information for Individuals | Internal Revenue Service (irs.gov)

[khaepmu]

Seems like one source of information says I  have to report if my foreign assets are over $50,000 and the other if they are over $600,000.

[Migz]

The threshold of $50,000 or $600,000 depends on whether you have foreign financial assets and either living in the U.S. or outside of the U.S.:

 

 

Form 8938, Statement of Specified Foreign Financial Assets

 

Specified individuals living in the US:

• Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

• Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Specified individuals living outside the US:

• Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.

• Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.

Edited March 24, 2023 by Migz
For further clarification.

[GypsyT]

There are two; FATCA and FBAR/FinCen.

Reporting Limits; FATCA $ 50 000 and FBAR $ 10 000.

Also to add confusion; Highest account balance per year calculations are different!

- I play safe and report 30% too much - just in case.

 

https://www.hrblock.com/expat-tax-preparation/resource-center/tax-law-and-policy/tax-acts/fbar-vs-fatca-filing-requirements-for-americans-abroad/