Form 8938 for New Jersey 2021-2025

Form 8938 for New Jersey: What You Should Know

Form, also named the FAR (Foreign Bank Account Report — Form 104). The Form 8938 is usually completed by the taxpayer or an agent of the taxpayer. The following is an overview of how to prepare and file Form 8938 pursuant to FATWA if you are or will be residing in one of the following states, U.S. territories and Israel from November 2025 through your death. State/Territory: California, Florida, Illinois, Louisiana, Maryland, Mississippi, New Jersey, Pennsylvania Massachusetts, Rhode Island, South Carolina, Texas, Washington or Wisconsin If you live in all of those states you are required to file Form 8938 even though you will not have a financial interest in any specific entity in order to meet the filing requirements. FATWA. The Foreign Account Tax Compliance Act (FFA). The Federal law that requires banks, credit card companies, money services businesses, financial companies and other financial institutions to report information to the Internal Revenue Service (IRS). FATWA.1 The FATWA is very complex, so the basic information is as follows: A. There is no minimum threshold of 10,000 for a specified foreign financial asset (SFA). A. If it is 10,000 or over, the property is subject to tax on its entire fair market value. The total fair market value of the assets can be determined by subtracting the asset's fair market value on the date the report is filed from the time of the filing. B. If you are an individual then the minimum threshold is zero (0), or 10,000 for the total of your specified SFA. The individual's entire fair market value of property is required to be reported, irrespective of the amount. C. If you are a corporate entity, the minimum threshold is 5,000 and the company is required to file Form 8938. For corporations, the entire fair market value of SFA can be determined from the most recently filed financial statement. D. If you are not required to file Form 8938 as an individual, you are required to file Form 8938 as an entity. E. As a result of FATWA, Form 8938 must be filed in a timely manner. 1. Form 8938 is a report required by the Foreign Account Tax Compliance Act (FATWA).

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