Form 8938 Oklahoma City Oklahoma 2021-2025

Form 8938 Oklahoma City Oklahoma: What You Should Know

The penalties will be prorated and compounded at each successive assessment date based on one half of the tax paid on the financial assets (including interest, penalties, interest rate differential, dividends, capital gains, etc.). You must file Form 8938 (unless you have an exception). Foreign Tax Treaty Reporting (FIT) You must report foreign financial assets in which the taxpayer or another taxpayer has a significant interest. The taxpayer who has the material interest in the financial asset must file a report on Form 8938. You won't get the foreign tax credit or the deduction if your Form 8938 form is incorrect. Use the information in this pamphlet to answer the questions about the tax consequences of Form 8938 in connection with foreign financial assets that: • Are not your ordinary financial assets or capital gains; • Are your principal source of income, other than passive income; • Are owned (directly or indirectly) by a qualified donor; or • Are held by your spouse, and are reported on a Form 8889 (if married filing separately) or Form 8890 (if married filing jointly). For a complete description of the requirements on Form 8938, see Internal Revenue Service Publication 15, Use of Foreign Financial Assets. For a complete list of the requirements on Form 8938, see Form 8938 at IRS.gov. If you fail to make Form 8938 a timely return, or the amount of the tax is too large to make a sufficient amount of tax (the tax has been too large, so there is too much of the tax, or there is too little of the tax), the tax is considered delinquent. You must file a return by the due date shown on the return. You may ask for extensions or ask your tax return preparer to file with your return until you make the required adjustments (see IRS Publication 502). For information on how to fix tax errors, see Chapter 1 of Pub. 544. Form 8938 (Rev. November 2021). Statement of Specified Foreign Financial Assets. Form 8938 (Rev. November 2021). Statement of Specified Foreign Financial Assets. Department of the Treasury. Form 8938. Statement of Certain Foreign Financial Assets. Department of the Treasury.

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