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Form Instructions 8938 MS: What You Should Know
The Forms are on file in MS E10. Tax Form 8938 is due 2-15 days after your return is submitted. You cannot file on line 4-07 of Form 8998 without filing a request for the specified foreign financial assets. You must file the request to get it included on your Form 8938. The Form 8938 is due on or before the 15th day of the month following the end of the month immediately before the filing of the return. As soon as you know you owe this tax, you can pay your tax liability using EFT on paper by fax. The form is due 2-15 days after filing your return. After the Form 8938 is filed, we will notify you via a phone message or email if any outstanding taxes remain. Note: This Form 8938 was replaced with the Form 8938E and Form 8938Q at the end of 2012. In 2024 and 2015, we began reporting on the amount of Specified Foreign Financial Assets reported on those Forms 8938E and 8938Q. Information about Form 8938, Statement of Specified Foreign Financial Assets The total amount of Specified Foreign Financial Assets and any related taxes are reported on Form 8938. Step-by-Step Instructions for Expats Filing Form 8938 A foreign financial asset or liability must be specified on form 8938 if it meets all of these three criteria: The asset or liability: is in excess of the sum of (1) the grossest U.S.-source income you received more than 90 days before filing the return, (2) the grossest U.S. source income you received more than 90 days after filing the return plus (3) the grossest U.S.-source gross income you received more than 90 days after filing the return plus The asset or liability: is of, or is a part of: a U.S.-owned financial or economic entity in which the individual owns or controls directly or indirectly, at all times during the three years immediately before the date the return is filed. The entity receives more than one-half of its gross income from a U.S.-owned financial or economic entity in which the individual controls directly or indirectly at all times during the three years immediately before the date the return is filed, except the gross income that is in excess of the amount shown in the preceding two sentences. A U.S.-owned financial or economic entity or, if the entity is a partnership, any partner of the entity's primary purpose.
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