Form 8938

Forum|Forum|3 years ago
January 17, 2023
1 reply
8 views

For married filing jointly and living in US: if the balance at a foreign bank account at any point during the year did not exceed $150,000.00 (converted from foreign currency per rules) and the balance at the end of the year is $100,000.43 does the Form 8938 need to be filed or is the amount rounded down to $100,000 and falls under the threshold and the form does not need to be filed? Thank you. Anna

Anonymous_

Level 15

See https://www.irs.gov/instructions/i8938#en_US_2020_publink55389wd0e790

@pk12_2?

pk_

Level 15

@Anna12_2 while I agree with @Anonymous_ that you can choose not to file the form 8938 ,but given (a) dependency on the exchange rate and fluctuations thereof ,(b) your bank would report this anyways ( assuming that most foreign banks are FATCA compliant ), (c) nil tax impact, (d) FBAR reporting anyways and (e) onerous penalties for wilful disregard of requirement to report, I would humbly suggest just spend a few extra minutes of effort an report this -- you are too close for comfort , especially if the bank is from a country IRS wants to pay attention to . It is safer to report and get this over with , please