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Form Instructions 8938 online NV: What You Should Know

You can view this summary of the information that is now required to be reported in 2024 on page 1 of 2024 Form 8938 Statement of Specified Foreign Financial Assets: The IRS now requires an additional statement with a list of all  assets you hold: What This Statement of Specified Foreign Financial Assets Actually Says A. Each specified asset is reported on a separate Schedule F. No one must file Schedule F for all the specified assets. Instead, taxpayers must file Schedule F for each specified asset they own and report them separately from any other assets. B. No itemizes are required. C. Section 954(a)(2) of the Code requires that the amount of each reporting obligation be limited to 10,000. D. The reporting obligation limits are adjusted for inflation each year. However, the taxpayer can claim a deduction for a reporting obligation exceeding 60,000 without having to file an amended return. However, a taxpayer must file an amended return if the amount of reporting obligations exceeds 120,000. E. To be eligible for the 50 reporting limit of the “Income From Specified Foreign Financial Assets” category, the taxpayer must demonstrate that the specified financial asset for whom the report is filed constitutes a “specified financial asset”. F. The reporting obligation limits are indexed for inflation, the year of the filing, and for any tax year for which a section 954(a)(2) reporting obligation was incurred. The limits are also adjusted for inflation in the following four years during the ten-year period ending on the earliest-dated of the preceding four years for which the taxpayer is still liable for the reporting obligation because the taxpayer is still liable for the tax liability reported in the year the reporting obligation exceeds its amount limited in that year. G. Schedule F should show the itemized description, amount, and purpose of each specified asset. No line item is required. H. When a reportable item is not stated in Schedule F, the reporting obligation must not exceed 30 in the year. I. If no specified financial assets are reported on Schedule F, but a taxpayer has other specified foreign assets and one or more amounts is reportable on Form 8938, the filing requirements of Section 954(a)(1) must be met and all foreign financial information reporting on Form 8938 must have been filed. The filing requirements of Section 954(a)(2) are met even if the information is not reported on Schedule F.

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