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Form 8938 originates with FATCA (Foreign Account Tax Compliance Act). This form is used to alert the IRS regarding your foreign accounts, assets and investments which are subject to reporting.Do I need to file Form 8938?
For now, only specified individuals are required to file Form 8938. If you do not have to file an income tax return for the tax year, you do not need to file Form 8938, even if the value of your specified foreign assets is more than the appropriate reporting threshold.Who must file 8938?
Who Must File IRS Form 8938. Unless an exception applies, you must file Form 8938 if you are a specified individual that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.