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ID Form Instructions 8938: What You Should Know
The IRS Form 8938 is the form you need if you have a specified net worth in excess of 2 million. A note on Forms 8938: If you need to file this form to report foreign financial assets that are not in an identifiable possession of U.S. persons (as discussed in the Form 8938 instructions), you must file it with a U.S. person (your designated fiduciary) that holds the assets on behalf of you: Your designated fiduciary will submit Form 8938 to the IRS. An IRS agent will review the Form 8938 to determine whether any required information is available in the financial records of that U.S. person. If so, Form 8938 will be signed and sent to the IRS. You must provide this information when submitting your Form 8938. The IRS agent will send you a written opinion with the Form 8938. The IRS agent will determine whether your U.S. person (your designated fiduciary) holds the specified assets on your behalf. If so, or if Form 8938 is approved, you should be able to receive a Form 1040 in your mail from the IRS within 45 days after the tax filing deadline. For more information on IRS Form 948, Form 949, and their related procedures for requesting a written opinion on foreign financial assets (such as foreign banks), see Information on IRS Form 948, Forms 949, and Other Financial Asset Requests (IRS Form 8863).
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