WebA person may have to file IRS Form 8938 if they have more than $200,000 on the last day of the year, or if they had less than $200,000 on the last day of the year but more than $300,000 dollars on any other day of the year -- they may still have to file. This number is doubled if a person is living outside of the United States, and filing MFJ. WebThe Form 8938 thresholds range from $50,000 (year-end value for a single US resident filer) all the way to $600,000 (peak value for a married couple residing outside the US). To determine the applicable Form 8938 threshold, we look first to two details:
Reporting Foreign Accounts on the FBAR versus Form 8938
Apr 2, 2024 · WebJan 2024 - Jul 2024 1 year 7 ... requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold (at least $50,000) to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return. ... then you do not have to file Form 8938 ... duplicate aftershave
Form 8938 Threshold: Foreign Asset Filing …
WebIf you do not have to file an income tax return for the tax year, you do not need to file Form 8938, even if the value of your specified foreign assets is more than the … WebJan 30, 2024 · January 30, 2024 10:59 AM For the FBAR. you need to report both accounts as they both had $150,000 on on any one day during the calendar year. If Form 8938 applies to you, I would report both accounts as the total value of the assets,were more than $x dollars on the last day of the year or more $x dollars at anytime during the year. WebFATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds: Single Filing Threshold: $200,000 on the last day of the year OR $300,000 at any point during the year Married Filing Jointly Threshold: duplicate a github repository