Form 8938: IRS Requirements And Step By Step Instructions On How To Fill It Out

Form 8938: IRS Requirements And Step By Step Instructions On How To Fill It Out. Many people may confuse Form 8938, which is an IRS requirement, with FinCEN Form 114 (FBAR) which is a FACTA requirement. If you do offshore banking you may need to file FBAR or Form 8938 or both. I will explain who needs to file Form 8938 and what are the monetary thresholds. The thresholds for Form 8938 is different for FBAR (Foreign Bank Account Reporting). If you are required to file FinCEN Form 114, it does not necessarily mean you need to file Form 8938 with the IRS on your taxes.I will go though a sample Form 8938 and explain what to fill out and where to get the official exchange rates to convert foreign currency amounts in your offshore bank accounts to US Dollars. I will also show you how to do the continuation statement in the case where you have more than two offshore bank accounts or brokerage accounts.