How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14420
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

The money I reported in the form 3520, i had in the foreign

Customer Question

The money I reported in the form 3520, i had in the foreign bank las year, i din my FBAR and reported . Do I have to report the bank and the money in the 8938 form in my Federal income tax 2014? ?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Hello,

The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114 (formerly the FBAR).

An individual may have to file both forms and separate penalties may apply for failure to file each form.

Foreign financial institutions may provide to the IRS third-party information reporting about financial accounts, including the identity and certain financial information associated with the account, which they maintain offshore on behalf of U.S. individual account holders.

If you had $50,000 on the last day of the tax year or $75,000 at any time during the tax year then the 8938 is required too.

Please advise if you need more information or rating in a positive way is acceptable.

Expert:  Robin D. replied 1 year ago.

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.