When filling out 'Additional Foreign Financial Acounts or Other Financial Assets', there are columns for 'Copy Number', 'Institution Name' and 'Asset Description'. How do I fill in the asset description? It does not come up when I click Edit for the asset.
Asset Description is not part of 8938 so I assume that it is just cosmetic information. And that is what I would like to use it for. I have several accounts at the same institution, so it would be nice to keep them apart.
In part VI of the Form 8938, line 1 asks for a Description of asset. In the Form 8938 instructions it details the following for line 1, Part VI:
Part VI. Detailed Information for Each "Other Foreign Asset" Included in the Part II SummaryUse Part VI to report information for financial accounts (other than foreign deposit and custodial accounts) and other specified foreign financial assets not held in a financial account. If you have more than one asset, attach a continuation sheet with the required information for each additional asset and check the box at the top of page 1 of the form.
Lines 1 through 8.
Enter the following information for each financial account and specified foreign financial asset not held in a financial account reported in Part II. For examples of specified foreign financial assets not held in a financial account, see Other specified foreign financial assets, earlier.
Enter a description of the account or asset. If the asset is stock or securities, include the class or issue of the stock or securities.
Example 1.
You own 100 shares of XYZ Company, an Italian S.A. A sufficient description is "100 Class A shares of XYZ Company, S.A."
Example 2.
You own a bond issued by AB GmbH, a German GmbH. A sufficient description is "Bond of AB GmbH, maturing on December 31, 2019."
Also it would be nice to be able to add new accounts in the middle, not just to the end.
In part VI of the Form 8938, line 1 asks for a Description of asset. In the Form 8938 instructions it details the following for line 1, Part VI:
Part VI. Detailed Information for Each "Other Foreign Asset" Included in the Part II SummaryUse Part VI to report information for financial accounts (other than foreign deposit and custodial accounts) and other specified foreign financial assets not held in a financial account. If you have more than one asset, attach a continuation sheet with the required information for each additional asset and check the box at the top of page 1 of the form.
Lines 1 through 8.
Enter the following information for each financial account and specified foreign financial asset not held in a financial account reported in Part II. For examples of specified foreign financial assets not held in a financial account, see Other specified foreign financial assets, earlier.
Enter a description of the account or asset. If the asset is stock or securities, include the class or issue of the stock or securities.
Example 1.
You own 100 shares of XYZ Company, an Italian S.A. A sufficient description is "100 Class A shares of XYZ Company, S.A."
Example 2.
You own a bond issued by AB GmbH, a German GmbH. A sufficient description is "Bond of AB GmbH, maturing on December 31, 2019."