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Iowa online Form Instructions 8938: What You Should Know
Qualifying Individuals (QI). Individuals whose QI exceeds the threshold for the year. You must designate only the individuals for whom you plan to deduct any amount in excess of the 30,000 thresholds. QI does not include the spouse and any dependent of the QI holder. The QI holder must be able to demonstrate (1) the QI is required as a source of income, (2) the QI holder is an individual the filing requirement applies to, and (3) there was no financial contribution to the asset. C. Any other individual for whom the IRS determines that the taxpayer was not required to file Form 8938 because (1) no QI was required, (2) no income was determined, but the asset was not a designated FMV source, or (3) the taxpayer did not meet the requirements of QI (See IRM 22.214.171.124, Additional Exemptions of Interest in Specified Foreign Assets). If you choose to withhold a general tax for an asset, and it is designated as a QF for tax year 2014, you will not have to withhold a general tax for the asset if it is designated as a QF for tax year 2015. Exemptions. A. Interests in specified foreign financial assets held for a person whose U.S. source income must be reported to the IRS in an international financial reporting, trade association, bank, or credit union; that is, the entity has a functional relationship with the person because it is a member of the association and uses the person's foreign account balances in a foreign exchange dealer business activity or services, or for noncash accounts; and is treated as an entity having a functional relationship with the person for accounting purposes. B. Interests in specified foreign financial assets held for a person under a tax treaty. C. Interests in specified foreign financial assets held for a person to whom the holder is a Trustee. D.
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