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Form Instructions 8938 for Franklin Ohio: What You Should Know

Forms 8938 and 8945 Are Not the Same — H&R Block When you file a return with the IRS, you do not pay a separate penalty for filing a return that includes Form 8938 and Form 8945. This is because those forms do not include any information that the IRS needs. For Form 8938, you simply need to know the total value of all the specified foreign financial assets in which you have an interest. The total value need not be 10,000 or a specified dollar amount, as long as it is less than 1 million. So in other words, if your filing status is married filing separately you do not have to include an interest in your filing to be able to include your foreign financial assets on your Form 8938 with other specified foreign financial assets. Because of this requirement, Form 8938 may need to be updated at the end of the year to reflect changes. Example 2: The filing status of filing your return is Married or Filing Amended separately, you only need to report the value of your foreign financial assets below the 1 million level. So in this situation you could file with both Fess, then add Form 8938 to report your foreign financial assets. You would not need to file Form 8945 separately if you had other specified foreign financial assets in addition to your specified foreign financial assets in your gross income. Example 3: You did not receive a Form 8938, so only report the value of your foreign financial assets and the value of your specified foreign assets on your return (Form 8944), and then combine Form 8944 with other specified foreign financial assets and foreign financial assets if applicable. If you report multiple income sources and have other financial assets in addition to your specified foreign financial assets, you must include that information on your returns. Form 8938 Works in Other Counties: In addition to Franklin, H&R Block and Wachovia Bank have also released Form 8938 forms for the cities of Columbus, Mansfield, Toledo, and Worthington, Ohio. These are the cities with populations between 50,000 and 250,000. Other jurisdictions should also have versions of the form available soon. The Form 8938 instructions are available on the following webpages. Taxation & Revenue Division (HRD) Main Page with Form 8938 and Instructions for Fillable Forms 8938.

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