How to use or fill out 8938 instructions with our platform
- Click ‘Get Form’ to open the 8938 instructions in the editor.
- Begin by reviewing the purpose of Form 8938, which is to report specified foreign financial assets exceeding certain thresholds. Familiarize yourself with the reporting thresholds based on your filing status.
- Fill in your identifying information at the top of the form, including your name and taxpayer identification number (TIN). Ensure accuracy as this information is crucial for processing.
- In Part I, summarize your foreign deposit and custodial accounts. Report the maximum value of these accounts during the tax year and indicate if any were closed.
- Proceed to Part II to summarize other foreign assets not held in a financial account. Provide details such as descriptions and maximum values for each asset.
- Complete Part III by entering tax items attributable to your specified foreign financial assets, ensuring all income types are reported accurately.
- Finally, review all entries for completeness and accuracy before submitting your form along with your annual return.
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