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    aabboud's Avatar
    aabboud Posts: 4, Reputation: 1
    New Member
     
    #1

    Mar 30, 2012, 03:30 AM
    How to fill form 8938
    Dear,

    Just to clarify what I meant by assets is a checking account with a balance of somewhere between $10k and $100k. Do we still need to fill form 8938?
    Regards,
    RickJ's Avatar
    RickJ Posts: 7,762, Reputation: 864
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    #2

    Mar 30, 2012, 07:54 AM
    1. Here are the instructions for how to complete the form and IF you need to complete it:
    http://www.irs.gov/pub/irs-pdf/i8938.pdf

    2. Yes, balance in a checking account is considered an asset.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #3

    Mar 30, 2012, 09:29 AM
    Reporting threshold is different in different cases.
    If you live in U.S. and are filing separate tax return, the reporting threshold is $50,000. If you are filing joint return, the amount is $100,000.
    If you live in foreign country and meet bona fide resident test or physical presence test, the threshold amount is much higher.

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