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

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bank las year, i din...
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: 2 years ago.Category: Tax
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Answered in 14 hours by:
9/16/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,268
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years 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.

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Robin D.
Robin D.
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