Form 8938 for Kansas City Missouri 2021-2025

Form 8938 for Kansas City Missouri: What You Should Know

If the asset is held in a banking, non-business, or non-investment account of a U.S. non-corporate entity, Form 8938, Statement of Specified Foreign Financial Assets, may be used to report these assets. 25 U.S.C. § 7612(p)(3)(A)(vii) 26 CFR § 1.6038D-2 — Statement of Specified Foreign Financial Assets. When used, a “financial account” is defined as a separate account maintained by a U.S. person, business or non- corporation entity that the account holder has the right to control. Assets held by such a financial account include cash or other liquid investments, bank account balances and securities. Financial accounts may or may not include accounts of other U.S. persons and accounts maintained by foreign financial institutions. The “foreign financial institution” provision does not apply to the United States or a U.S. Territory subject to the jurisdiction of the United States. It also does not apply to a financial account required to be maintained solely because of the ownership or control by U.S. persons or business entities. If you receive a Form 8938 or an amended Schedule B, you must complete the tax return and send it to the address provided on the form. When you file your Kansas City income tax return, you are exempt from paying the non-refundable Form 4952, Kansas income tax return with interest and penalties. The same applies when you file Schedule D. The Kansas City income tax return and schedule D must be filed as soon as your Kansas City earnings taxes are paid or when you file your Kansas income tax return and report only that part of the income tax liability that is attributable to earnings in Kansas City. After you file your income tax return, you will be able to get Form 8938, Statement of Specified Foreign Financial Assets or Form 8938-A, Statement of Foreign Income, and schedule D, report non-refundable income on Schedule SE. You can either file and receive a Form 8938, Statement of Specified Foreign Financial Assets, or Schedule SE, or file the amended return and receive a Form 8938-A, Statements of Foreign Income. Form 8938–A, Statement of Foreign Income Kansas City income tax returns and schedule D with non-refundable returns will have to be used and not Schedule SE.

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