New Mexico Form 8938 2021-2025

New Mexico Form 8938: What You Should Know

In 2015, Congress increased the requirement for reporting foreign financial assets in an income tax return from the 50,000 limit under the Foreign Account Tax Compliance Act (FATWA). FATWA required U.S. persons with financial interests in foreign financial accounts to report those interest and dividends to the IRS. The new requirements apply to foreign financial accounts held by American individuals with total annual net holdings of 50,000 or more through February 19, 2016. Who can File Form 8938? The Form 8938 (Statement of Specified Foreign Financial Assets) is a financial disclosure statement provided by the taxpayer to the U.S. government as a part of the Foreign Account Tax Compliance act. The form contains information about foreign financial accounts held by each FFI or U.S. person with a foreign financial interest. Is there a fee? Unlike the Foreign Account Tax Compliance Act (FATWA), the filing requirement for Form 8938 is for tax year 2017. What Information Is Required on a Form 8938? A separate document, Form 8938, must be filed electronically by the filer to provide their required financial information. This section contains the information required when filing a Form 8938.  Form 8938-F is similar to an Income Tax Return and must show the annual net income which must be reported.  Form 8938-G and Form 8938-F The Form 8938 must not contain information about a business in which only a U.S. person has an interest. If no financial interest in a foreign financial account is reported on a Form 982, the tax treatment of the U.S. person will be treated as being the same for information about FFI accounts that are reported on Form 8938-G or the U.S. person's Form 8938. What are Foreign Financial Accounts? Foreign financial account is an account opened by a U.S. person in a bank where it is deemed to be a U.S. person's interest and not an investment under the U.S. investment company act, 12 U.S.C. sec. 80a. Foreign financial accounts include any bank account, brokerage account, trust, trust fund, mutual fund, profit-sharing plan or similar instrument, any trust property investment, or any annuity.

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