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Form Instructions 8938 UT: What You Should Know
Excess Foreign Financial Assets and Excess Foreign Financial Accounts — Tax Tips For Small Business The excess foreign financial assets and gross total foreign financial accounts (FTF As) were previously discussed. To report an excess FIFA, complete Form 8938 instead of Form 8939. Excess Foreign Financial Assets and Excess Foreign Financial Accounts The excess specified foreign financial assets amount is the total of all specified foreign financial assets: Amount of specified foreign financial assets in excess of 10 million If any income from specified five foreign financial assets in excess of 25 million. See the 2023 FFI guidelines for further information on how to report these assets. You can also see a list of 2023 FBS. The amount of gross specified foreign financial accounts is the least of the following: Amount of specified foreign financial accounts in excess of 100 million If any income from specified fives foreign financial accounts in excess of 250 million. See the 2023 FFI guidelines for further information on how to report these accounts. You can also see a list of 2023 FBS. If you are preparing a Form 8890 or Form 8802 and you have a foreign financial account reported on the Form 8890 or Form 8802, these forms must be prepared separately. Form 8802: Additional Reporting Requirement Related to the Foreign Financial Accounts A foreign financial account on Form 8890 or Form 8802 must be reported as an FFI that you cannot disburse or use with respect to the domestic production activities or income from the domestic production activities. If you have an excess FIFA (Form 8890 or Form 8802) related to a U.S. trade or business, you must follow the reporting requirements in the foreign financial account section of Form 8938. If you have a nonapplicable FBB, you only have to report the amount for which you have determined that you have FBS (Form 8938). If you do not have an excess FBB, you must still file Form 8938 in a format that includes a statement under penalty of perjury disclosing the foreign financial account. Report any excess FBB or FIFA on Form 8938 by including line 3 in the Statement of Specified Foreign Financial Assets or line 3a in the Statement of Specified Foreign Financial Accounts by including lines 1a and 1b on the Form 8938(p).
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