8938 form after emigration and you transferred most of your financial assets to US?

[robpolman]

Hi. My situation is as follow. Under a L1 visa I emigrated from The Netherlands to the US on June 1 2024. I still have a Foreign Financial Assets (bank account) in The Netherlands. During Tax submission the question is raised: Was the total value of your specified foreign financial assets more than $50,000 on the last day of 2024 or more than $75,000 at any time during the year?

On the last day of 2024 the amount on the foreign bank account was well below 50k. But at some point during the year the amount was above 75k, but I transferred most of this money to my US bank account shortly after my arrival in June. Do I still need to fill in a 8938 form?

[AmyC]

Yes. If just one day was over the amount, the IRS wants the form. The IRS did an entire presentation last summer over this requirement. Here is a comparison of the FATCA (Form 8938) and FBAR requirements to make sure you stay in compliance.