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Screen 8938-2 - Statement of Specified Foreign Financial Assets, Page 2 (1040)
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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.
Description of asset
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.
Date asset acquired and/or disposed
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
.No tax item reported in Part III with respect to this asset
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.Maximum value of the asset during the tax year
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.
Foreign currency in which asset is denominated
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.Exchange rate used to convert to US dollars
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.
note
Currency rates are available on the website for the
Bureau of the Fiscal Service
- U.S. Department of the Treasury.
Stock or interest in a foreign entity
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.note
The
Stock or interest in a foreign entity
fields are unavailable if data is present in the Issuer or counterparty information
statement.Global Intermediary Identification Number (GIIN)
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.
Issuer or counterparty information
The
Issuer or counterparty information
statement is unavailable if data is present in one of the Stock or interest in a foreign entity
fields.