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Form Instructions 8938 online DE: What You Should Know
This discussion assumes that you have filed Form 8938 for IDB Group Retirement Income and believe the guidance presented here is helpful for your situation. A note about Form 8938 If filing a Form 8938 filing, no matter the type, tax professional may tell you it's not necessary to include the statement of foreign financial assets that is provided with the original Form 8938, Form 8938-A. These statements provide information specific to a particular financial account and may not always reflect the account in which you have foreign assets or foreign source income or whether you may have domestic and foreign sources of income. For further questions about Form 8938, see IRM 188.8.131.52, Form 8938, and the Form and Summary of US Form 8938. Example: If you own securities and/or financial instruments listed on a foreign exchange for which you report a US source interest in the security or instrument, you may report those securities as an IDB account, but you may not include a statement of specified foreign financial assets, such as an annual statement or a statement of foreign financial assets or sources for foreign sources. You will not need to include a statement of specified foreign financial assets if: · The account is a US source interest in the security or instrument; · The account is your sole source of gross income; or · The account is your sole source of domestic income. However, if you have an IDB account from which you make other U.S. sourced income, then you will need to include a statement of specified foreign financial assets. Form 8938 — Statement of Specified Foreign Financial Assets File Form 8938, Statement of Specified Foreign Financial Assets, as applicable, with the appropriate service center. The FFL will take the taxpayer's identification number and assign a letter code and a number for each asset type, as noted in the Form 8938 instructions. For assets, you hold yourself or the only source of income for which you receive a US tax credit, the FFL will assign a letter code and a number of the asset type to you. If you are the principal owner of the account, or if you have a partner or are the primary shareholder, then you will be the individual listed as the tax filer. The FFL may request your identification number. However, if the account is the primary owner of the account, or if the primary or primary interest is for personal property or inventory, including land, you will need to provide your identification number.
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