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TN Form Instructions 8938: What You Should Know

For individual, you can make an election under section 6150W, 6150X, 6131 or 6132. There are two types of elections to report information on  You can make an election whether your taxable income exceeds the threshold under the provision that allows you to file a non-filing election. If you have a filing status of “married filing joint”, your filing status does not affect whether you must complete Form 8938 or not. All Forms of  Information that must be completed and filed for tax year 2024 are: 1041 and 1040 1040A 1040EZ 1040AER 1040AIT 1040AITC 1040AITF 1040NR — No election is necessary under section 6045R, but you will have to figure an adjustment to the amount of income for tax year 2024 by filing Form 8938. 1040NR 1040NRJ Form 8938 is available here. If you do not know how to fill out Form 8938, please contact us. Income from Sources Allowed in the U.S. US Income Exemptions and the Standard Deduction If you are  Is you are a U.S. citizen, and you are a U.S. resident alien, you must also file Form 8938 with your individual tax return. If you are “foreign related”, you are treated as a U.S. citizen for tax purposes when you are not physically present in the U.S. and are dependent upon a U.S. citizen, resident alien, or qualifying person for support. Foreign Related persons include, but are not limited to: Foreign financial institutions such as banks and private credit unions that are not treated as U.S. financial institutions for U.S. tax purposes. Foreign trusts created or administered by U.S. persons, whether they are treated as U.S. persons for U.S. tax purposes, for the benefit of U.S. citizens (who are not themselves U.S. residents) and/or lawful permanent residents (as defined below). Qualifying Person Qualifying persons include: Children of U.S. citizens, lawfully present in the U.S., and U.S. residents and their spouses and qualified individuals. (The definition of a child of a U.S.

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