Form 8938 for Maryland 2021-2025

Form 8938 for Maryland: What You Should Know

S. And other nonresident foreign countries. What does the form require? If you are a U.S. or nonresident alien individual or partnership, and you have financial accounts outside the  United States (including foreign investments, pensions, and other retirement plans), and you fail to comply with these requirements, you will be liable for a mandatory penalty. You will be required to provide certain information to the IRS and the Department of Treasury for the IRS to verify the existence, status, and type of account(s) described in subparagraphs (A)(1) through (A)(6) of paragraph (a) of  IRS.gov, or the reporting of financial transactions on Form 8938. If you're still not sure how to file or have questions regarding the requirements, please contact the IRS toll-free at or call your local IRS tax law specialist. What Do I need to tell the IRS? To file a form based on Form 8938, you must include the following information with your completed FAR or other information return: Date of creation of the account(s) described (e.g., opening a new account, obtaining a credit or a refund, converting a credit to a debit, opening a new line of credit, a payment arrangement with a U.S. financial institution, and any other account creation or change in status); Date and amount of interest, dividends, and other earnings from the account(s); Type of investment held in the account(s); The identity of the financial institution making the deposit, and whether the account is a deposit and the account number. Does Form 8938 require foreign financial accounts to be publicly advertised? No. However, if an IRS agent or a tax law specialist knows any of the above information is false or incorrect, such as an account number that is not the same as the account number of a real estate account where it would be required to disclose, or an account number that was closed before the information was provided to the IRS, you would also be required to include a correction statement with your form filing. The correction statement will have to contain the same information as the corrected information, provided to the other person. What should I do if the information is incorrect? If possible, contact the tax professional that provided the information and request that they amend the information to the correct account.

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