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8938 vs fbar Form: What You Should Know

FATWA, Forms 1040, 1040A, 1040EZ, 1040AQ and 1040EZ​. Sep 15, 2024 — Form 8938 — Filing Requirements for Foreign Bank and Financial Accounts (Form 8990) FATWA (Forms 1040, 1040A, 1040EZ and 1040AQ) vs ​Form 8938​​ The Forms 8938 & CARS Both are Form 8990's.  Both are form 990's, but they do not have to be filed by the same date. However, both must be done by April 15th in the 2024 filing season. Why Filing on April 15th? Why not, because there was a filing deadline of April 15, 2017. The reason being, that IRS officials thought a Form 8938 Form 8990 was filed from 2024 to 2007. However, this form does not appear to be available on IRS.gov nor on the IRS' electronic filing software, Forms 1040, 1040A, 1040EZ, 1040AQ or 1040EZ. I would recommend that you file Form 8938 on the same date. This will allow you the ability to enter your information on the form at your convenience, so if you receive any form 990's after you file Form 8938, don't worry about it. What Are My Options? If you do not have a foreign bank account, the easiest option is to file the Form 990 as well. The IRS will automatically credit this Form 990 and give you your tax due. Your tax due will be less than that for the Form 8990. That being said, if you do have a foreign bank account or a brokerage account it is very important that you report this on both the Form 8990 and Form 8938. It is important to report any amount of US dollar or foreign currency that you receive. The report on the Form 8938 will be considered the tax due even if you hold no foreign currency. There is a special rule that requires that you report foreign currency received during any tax year by withdrawing it from any foreign investment company. This money comes from the investment by you. However, it does not need to come from a foreign brokerage or bank. You have to report the capital received on Form 8860.

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