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."

 

[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.

[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/