When should I file Form 8938?

  • US Residents: Typically file by April.
  • Foreign Residents: Deadline extends to June.
  • Extension Option: Filing an extension can push the deadline to October.

What are the filing thresholds for Form 8938?

  • Single Filers: File if foreign financial assets exceed $300,000 at any point or $200,000 at year-end.
  • Married Filing Jointly: File if assets exceed $600,000 during the year or $400,000 at year-end.

What types of assets are reported on Form 8938?

  • Financial Accounts: Report foreign accounts, cash, stocks, shares, and overseas pensions.
  • Exclusions: Do not report US-based assets like 401(k) or IRA.

Are there penalties for not filing Form 8938?

  • Standard Penalty: $10,000 for failing to file.
  • Additional Penalties: Higher penalties for reporting errors or omissions.

Why should I seek professional advice when filing Form 8938?

  • Complex Filing Requirements: Ensures accurate and compliant filing.
  • Avoiding Penalties: Helps prevent costly penalties.
  • Tailored Advice: Provides guidance based on your unique financial situation.

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