What is the threshold for filing Form 8938?

Form 8938 Reporting Thresholds Unmarried individuals residing in the United States are required to file Form 8938 if the market value of their foreign financial assets is greater than $50,000 on the last day of the year or greater than $75,000 at any time during the year.

Who should fill 8938?

To get into the nitty gritty of it, if you’re a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

How do I know if I have to file Form 8938?

You must file Form 8938 if:

  • You are a specified person (either a specified individual or a specified domestic entity).
  • You have an interest in specified foreign financial assets required to be reported.

What is the threshold for FATCA reporting?

least $50,000
FATCA requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return.

Do I need to file FBAR and 8938?

The FBAR must be filed when a U.S. person has foreign bank accounts with an aggregate high balance of $10,000 at any point during the tax year. Form 8938, by contrast, has different monetary thresholds depending upon the tax filing status and location of the taxpayer.

What is the penalty for failure to disclose income on form 8938?

Information return penalties: Where a taxpayer must file a Form 8938, disclosing his or her interest in “specified foreign financial assets,” fails to do so for any tax year, the taxpayer is subject to a penalty of $10,000.

What is the FATCA threshold 2021?

A FATCA needs to be filed by any American taxpayer with financial assets totaling $50,000 or more.

Can form 8938 be filed electronically?

Tax Form 8938 Filing Requirements for Foreign Assets The Form 8938 is similar to the FBAR (FinCEN Form 114), but more encompassing. And, unlike the FinCEN Form 114 which is filed electronically on the FinCEN website — the Form 8938 is filed directly with the IRS.

What is the difference between form 8938 and FinCEN 114?

The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.

Who Must File 8621?

A U.S. person that is a direct or indirect shareholder of a passive foreign investment company (PFIC) files Form 8621 if they: Receive certain direct or indirect distributions from a PFIC. Recognize a gain on a direct or indirect disposition of PFIC stock.

What is FBAR threshold?

A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.