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Missouri online Form Instructions 8938: What You Should Know
Tax Year 2023 & What It Means for Individuals — Affects If you are a taxpayer who expects to receive a refund or credit for 2017, then you should be filing electronically with the IRS. The IRS says Form 8938, Statement of Specified Foreign Financial Assets, contains all the information necessary for the IRS to assess that taxpayer's foreign financial assets and whether those assets should be reported on Form 8871. A taxpayer that is the recipient of any Form 8871 or a Form 8872 will also need to file a statement on Form 8938 showing the designated foreign financial assets that should be reported on that form. Because foreign financial assets must be reported on Form 8871 and on Form 8938, taxpayers should also carefully review the guidance on calculating the Foreign Bank and Financial Accounts (Bars) for 2017. What Are Specified Foreign Financial Assets? — Financial Crime Law There is some confusion about what are considered specified foreign financial assets. A taxpayer whose total foreign assets fall within the definition of ``specified foreign financial assets'' is subject to a minimum reporting requirement. What is Specified Foreign Financial Assets? — Guidance A Specified Foreign Financial Assets Statement (SF-861) that is filed after December 31, 2017, and that contains: 1. Specified Foreign Financial Assets in excess of 50,000. 2. Specified Foreign Financial Assets in excess of 250,000. 3. Specified Foreign Financial Assets in excess of 1,000,000. 4. Specified Foreign Financial Assets in excess of 5,000,000 or if the taxpayer has been convicted of a crime involving specified foreign financial assets, Specified Foreign Financial Assets in excess of 2,500,000. 5. Specified Foreign Financial Assets in excess of 10,000,000. How would this affect me? As long as you meet the reporting requirements of: 1. the definition of ``specified foreign financial assets'' (or the SF-861 requirements for specified foreign assets on Form 8938) 2. the definition of ``specified foreign financial assets'' (or the SF-861 requirements for specified foreign assets on Form 8938) Then you might not need to file.
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