IRS Form 8938 "Statement of Foreign Financial Assets&qu

cnytax · Post by **cnytax** » Sat Jul 16, 2011 11:37 am

Has anybody heard of this? Looks like there maybe an additional Form to file to report foreign financial assets. It's still in draft form but if it
happens, it will have to be filed along with FBAR and I take it Form 8891.
Check out this link

http://www.schneiderdowns.com/irs-relea ... et-holders

quickcanuck · Post by **quickcanuck** » Sat Jul 16, 2011 1:39 pm

It looks like Part IV of 8938 indicates that you do not have to report again for assets that you have listed on a 3520/2520A or an 8621

cnytax · Post by **cnytax** » Sat Jul 16, 2011 3:07 pm

Yeah, but I didn't see anything for Form 8891.

nelsona · Post by **nelsona** » Sat Jul 16, 2011 5:34 pm

That is correct. Likely by pversight, they have left 8891 off the list of equivalent forms. perhaps will be corrected in final form.

cnytax · Post by **cnytax** » Mon Jul 18, 2011 7:28 pm

Fortunately, the IRS does not require us to file Form 8938 for tax year 2011 before Form 8938 is released.

From their website:

[i]This notice suspends the requirement for these individuals to attach Form 8938 to income tax returns that are filed before the release of Form 8938.[/i]

Thank God.

nelsona · Post by **nelsona** » Mon Jul 18, 2011 8:14 pm

That does not mean 8938 will not be in effect for 2011 tax year.
It merely means that one does not have to file it for tax years ending before it is released. If it is released in December, it will impact 2011.

cnytax · Post by **cnytax** » Wed Oct 12, 2011 9:52 pm

Just checked IRS website. If you are already filing Form 8891, then those RRSP foreign assets will not have to be reported on Form 8938 as it would be redundant. Only taxpayer info needs to be filled out in Part I of Form 8938 and there is a place to check off the fact that you are submitting Form 8891.

Form 8938 still needs to be attached to 1040 of course.

cnytax · Post by **cnytax** » Wed Oct 12, 2011 10:53 pm

And of course FBAR needs to be filed as usual.

Also, Form 8938 is still in draft form and so will not need to be filed until the official version is available of course.

However, an admittedly quick read of the IRS website seems to indicate that when the official form does come out, the Forms going back to tax year 2010 will have to be back filed.

nelsona · Post by **nelsona** » Thu Oct 13, 2011 9:17 am

Thanks for the update;

http://www.irs.gov/pub/irs-dft/i8938--dft.pdf

I do not see the need to file for 2010. The instructions specify that this is only for tax years beginning after 3/18/2010, which would exclude all 'normal' 2010 calendar year filers

From http://www.irs.gov/irb/2011-29_IRB/ar06.html it would appear that if one were to require 8938 for 2010 (not sure how this would occur, unless on had a non-calendar tax year), they would submit it with their 2011 return, not by amending there previous year's return.