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Screen 8938-2 - Statement of Specified Foreign Financial Assets, Page 2 (1040)

Other Foreign Assets

Enter information here for specified foreign financial assets not held in a foreign financial account, reported on Form 8938, Parts II and VI. Examples are Canadian Registered Retirement Savings Plans (RRSP) and Canadian Registered Retirement Income Funds (RRIF). Additional assets from multiple units of the 8938-2 screen print on continuation statements.
For stock or securities, include the class or issue of the stock or securities. Note that you may not need to report assets on Form 8938 if the assets were reported on Forms 3520, 3520-A, 5471, 8621, or 8865. (See the Form 8938 IRS instructions for details.) Complete the Excepted Foreign Financial Assets section on the 8938 screen instead.
Enter the acquisition and/or disposition date if the asset was acquired or disposed of during the year. If multiple acquisition or disposition dates apply, enter
V
 for
Various
.
Enter
X
 if this asset did not have reportable tax items (income, gain, loss, deduction, or credit) on the income tax return (or any schedule or form attached to the return) and therefore does not have an item reported on Form 8938 page 1, Part III, in the Summary of Tax Items Attributable to Specified Foreign Financial Assets.
This field is mandatory for each asset. Whether the taxpayer is married filing joint, married filing separate, or owns the asset jointly with someone other than a spouse, you must include the maximum value of the entire asset for which an interest is held on each taxpayer's Form 8938.
This field contains a linked custom fieldview, which enables you to automatically enter data in the related
Exchange rate used to convert to US dollars
 and
Exchange rate source
 fields. Select the down arrow and choose Edit Multi-field Custom Fieldview to open the Custom Fieldview dialog, in which you can enter, edit, or select a fieldview item for these linked fields.
Always use the currency exchange rate on the last day of the tax year, even if the asset was sold or otherwise disposed of before the last day of the tax year.
The
Stock or interest in a foreign entity: Name
 field contains a linked custom fieldview, which enables you to automatically enter data in the related
Address
 fields. This same fieldview is also available on the FrgnAcct screen on the
Financial institution in which account is held
 field. Select the down arrow and choose Edit Multi-field Custom Fieldview to open the Custom Fieldview dialog, in which you can enter, edit, or select a fieldview item for these linked fields.
You can look up this number using the IRS FATCA Foreign Financial Institution (FFI) List Search and Download tool. Reporting this number may reduce the need for the IRS to contact the taxpayer.
The
Issuer or counterparty information
 statement is unavailable if data is present in one of the
Stock or interest in a foreign entity
 fields.
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