GypsyT Posted January 23, 2023 Share Posted January 23, 2023 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! Link to comment Share on other sites More sharing options...
taxout Posted January 30, 2023 Share Posted January 30, 2023 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 Link to comment Share on other sites More sharing options...
Chicksaw Posted January 30, 2023 Share Posted January 30, 2023 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. Link to comment Share on other sites More sharing options...
GypsyT Posted January 31, 2023 Author Share Posted January 31, 2023 (edited) 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 Link to comment Share on other sites More sharing options...
Migz Posted March 18, 2023 Share Posted March 18, 2023 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. Link to comment Share on other sites More sharing options...
Migz Posted March 18, 2023 Share Posted March 18, 2023 This is the IRS website link: FATCA Information for Individuals | Internal Revenue Service (irs.gov) Link to comment Share on other sites More sharing options...
khaepmu Posted March 24, 2023 Share Posted March 24, 2023 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. Link to comment Share on other sites More sharing options...
Migz Posted March 24, 2023 Share Posted March 24, 2023 (edited) 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. Link to comment Share on other sites More sharing options...
GypsyT Posted March 24, 2023 Author Share Posted March 24, 2023 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/ Link to comment Share on other sites More sharing options...
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