Instafill.ai
7 days free
AI form filling · 131 fields · 2 pages · done in seconds

Yes! You can use AI to fill out Form 8938, Statement of Specified Foreign Financial Assets

Don't type 131 fields by hand. Tell our AI about yourself, or upload a document you already have, and it fills every field in seconds. You check it, then download, print or sign.

7 days free, then $19.99/month · Cancel anytime
AI fills it, no typingEncrypted, never used to train AICancel in two clicks
Form 8938, Statement of Specified Foreign Financial Assets, page 1
Complex · 72/100Form Complexity Index

The AI does the filling. You just check it.

No typing into boxes, nothing to install.

Tell the AI about youAnswer a few questions in plain words, or upload a document you already have. That is all the typing there is.
AI fills every field in secondsIt puts each answer in the right box on every page, tables and checkboxes included.
Check it and downloadReview every field, change anything, then download, print or sign the PDF.

What this form asks for

The AI fills all of it, from your answers or your documents.

Form 8938, Statement of Specified Foreign Financial Assets, is used by U.S. taxpayers to report their specified foreign financial assets. This form is important for ensuring compliance with U.S. tax laws regarding foreign investments and accounts.
Fillable fields131
Pages2
Sections43
Tables and lists2
Questions that depend on earlier answers23
Form Complexity IndexComplex, 72/100

The AI checks your answers before you download

15 checks built for this form, so a wrong date or a missing answer is caught before anyone else sees it.

Tax Year Identification

Ensures that the tax year is correctly identified at the top of the form. This involves checking that the year entered is current or appropriately corresponds to the tax year being reported. It prevents the filing of outdated or future tax information, maintaining the accuracy of the taxpayer's records.

Taxpayer Identifying Information

Confirms that the taxpayer's identifying information, including name(s) and Taxpayer Identification Number (TIN), matches the information on the annual return. This validation is crucial to ensure that the form is associated with the correct taxpayer and to prevent issues with identity mismatches or processing errors within the tax authority's systems.

Filer Type Verification

Verifies that the correct filer type (specified individual or specified domestic entity) is checked in line 3 of the form. This step is important to determine the applicable reporting requirements and to ensure that the form is completed in accordance with the filer's status.

Specified Domestic Entity Information

If a specified domestic entity is the filer, the system ensures that the name and TIN of the specified individual or person is entered correctly. This information is vital for the tax authority to identify the responsible parties and to cross-reference with other tax-related documents.

Foreign Account Summary and Validation

Summarizes and validates the number of foreign deposit and custodial accounts and their total maximum value reported in Part I. This check is essential to confirm that the taxpayer has accurately reported all foreign financial assets as required, and that the total values are correctly calculated and reported.

Indicates and confirms if any foreign accounts were closed during the tax year in Part I.

The AI ensures that Part I of the form accurately reflects whether any foreign accounts were closed during the tax year. It confirms the presence of a 'yes' or 'no' indication and checks for any additional required details if an account was closed. The AI also verifies that the closure date is within the tax year in question and prompts the user to correct any discrepancies. Lastly, it cross-references the reported information with previous years' filings, if available, to maintain consistency and accuracy.

And 9 more checks
  • Summarizes and validates the number of other foreign assets and their total maximum value in Part II.
  • Indicates and confirms if any foreign assets were acquired or disposed of during the tax year in Part II.
  • Summarizes tax items attributable to specified foreign financial assets in Part III.
  • Indicates if specified foreign financial assets have been reported on other forms and validates the number of each form filed in Part IV.
  • Provides detailed information for each foreign deposit and custodial account in Part V.
  • Provides detailed information for each 'other foreign asset' not held in a financial account in Part VI.
  • Verifies the foreign currency exchange rate, including the currency, rate, and source, if used for valuation.
  • Ensures compliance with specific instructions for reporting joint accounts or assets.
  • Confirms that the form is signed, dated, and attached to the annual return, filed by the due date.

Let AI fill out your Form 8938

No typing. Every field filled in seconds, checked, ready to sign.

7 days free, then $19.99/month · Cancel anytime

How to Fill Out Form 8938 Online for Free in 2026

What the AI walks you through.

  1. Visit instafill.ai site and select Form 8938.
  2. Enter your name and TIN.
  3. Select your type of filer.
  4. Provide details of foreign accounts and assets.
  5. Sign and date the form electronically.
  6. Check for accuracy and submit form.

Common Mistakes in Completing Form 8938

The ones the AI is built to catch.

Incorrect identification of the tax year
Failure to identify the correct tax year in the top section of the Statement of Specified Foreign Financial Assets form can lead to significant errors in reporting. To avoid this mistake, carefully review the instructions and ensure that the tax year selected matches the tax year being reported. It is essential to double-check the consistency of the tax year throughout the form to prevent discrepancies.
Omission of identifying information
Forgetting to provide essential identifying information, such as the name and Taxpayer Identification Number (TIN), can result in processing delays or even rejection of the form. To prevent this mistake, ensure that all required fields are accurately and completely filled out before submitting the form.
Misidentification of filer status
Misidentifying the filer status, whether individual or entity, can lead to incorrect reporting and potential penalties. To avoid this mistake, carefully review the instructions and determine the appropriate filer status based on the form's requirements. It is essential to double-check the consistency of the filer status throughout the form to prevent discrepancies.
Neglecting to provide required information for specified domestic entities
Neglecting to provide required information for specified domestic entities, such as the name and address, can result in processing delays or even rejection of the form. To prevent this mistake, ensure that all required fields for domestic entities are accurately and completely filled out before submitting the form.
Incorrect reporting or omission of foreign deposit and custodial accounts in Part I
Incorrect reporting or omission of foreign deposit and custodial accounts in Part I of the Statement of Specified Foreign Financial Assets form can lead to significant errors in reporting and potential penalties. To avoid this mistake, carefully review the instructions and ensure that all foreign financial accounts are accurately reported and listed in Part I. It is essential to double-check the consistency of the information reported throughout the form to prevent discrepancies.
Omitting or failing to report foreign assets in Part II
The Statement of Specified Foreign Financial Assets (FinCEN Form 114) requires taxpayers to report their interest in specified foreign financial assets. Neglecting to report or omitting foreign assets in this section can lead to potential penalties. To avoid this mistake, taxpayers should carefully review their foreign assets and ensure they are all reported accurately. It is essential to understand that the reporting threshold for this form is relatively low, and failure to report may result in significant consequences.
Incorrectly reporting or omitting tax items in Part III
Part III of the Statement of Specified Foreign Financial Assets requires taxpayers to report various tax items related to their foreign assets. Failing to report or incorrectly reporting these items can lead to underreporting of income or overpayment of taxes. To avoid this mistake, taxpayers should carefully review the instructions for Part III and ensure they are reporting all required tax items accurately. It is essential to understand that failure to report or underreporting of income can result in significant penalties.
Failing to report forms filed on other forms in Part IV
Part IV of the Statement of Specified Foreign Financial Assets requires taxpayers to report any Forms 3520, 3520-A, 5471, 8621, or 8865 that have been filed during the reporting period. Failing to report these forms can result in penalties and potential audits. To avoid this mistake, taxpayers should ensure they have filed all required forms related to their foreign assets and report them accurately in Part IV. It is essential to understand that failure to report these forms can lead to significant consequences.
Incomplete or inaccurate information in Part V or VI
Parts V and VI of the Statement of Specified Foreign Financial Assets require taxpayers to provide personal and contact information. Failing to provide complete and accurate information in these sections can result in delays in processing the form or potential penalties. To avoid this mistake, taxpayers should ensure they provide all required information accurately and completely. It is essential to understand that failure to provide complete and accurate information can lead to significant consequences.
Failing to provide currency exchange rate information if applicable
If taxpayers have foreign financial assets reported in a currency other than the U.S. dollar, they are required to report the value of those assets in U.S. dollars using the applicable exchange rate. Failing to provide this information can result in incorrect reporting of assets and potential penalties. To avoid this mistake, taxpayers should ensure they have the correct exchange rates and report the values of their foreign assets accurately in U.S. dollars.
Neglecting to sign and date the Statement of Specified Foreign Financial Assets form and attach it to the annual return
Failure to sign and date the Statement of Specified Foreign Financial Assets form and attach it to the annual return can result in rejection of the tax return. This mistake may delay the processing of your tax return and potentially lead to penalties. To avoid this error, ensure that all required signatures and dates are obtained and included on the form before submitting it with the annual return.
Failing to keep a copy of the completed and signed Statement of Specified Foreign Financial Assets form for records
Maintaining a copy of the completed and signed Statement of Specified Foreign Financial Assets form is essential for your records. In case of an audit or review by the tax authorities, having a copy of the form on hand can help expedite the process and demonstrate compliance. To prevent the loss or misplacement of the form, consider keeping it in a secure and easily accessible location, such as a digital file or a safe deposit box.
Missing the due date for filing the Statement of Specified Foreign Financial Assets form (including extensions)
The Statement of Specified Foreign Financial Assets form must be filed by the specified due date, which may include extensions granted by the Internal Revenue Service (IRS). Failing to meet the deadline can result in penalties and interest charges. To avoid this mistake, keep track of the due date and any extensions that may be available. Consider setting reminders or using a tax preparation software to help manage your filing deadlines.

Frequently Asked Questions About Form 8938

 

Is it really free for 7 days?
Yes. You pay $0 today. Cancel before Nov 1 and you are never charged. Keep it, and it is $19.99 a month for 5 fills of your Form 8938.
Can I fill other forms too?
This plan is for your Form 8938: your own AI agent fills it as often as 5 times a month. To fill other forms and upload your own, choose a Professional plan from your account.
How do I cancel?
From your account, in two clicks, any time. No email, no call.
How does the AI fill out Form 8938?
You answer a few questions in plain words, or upload a document you already have. The AI reads what you give it and puts each answer into the right field of Form 8938, on every page, in seconds. It checks the answers against the form's own rules, and you review and change anything before you download, print or sign.
What happens to my information?
It is encrypted in transit and at rest, and it is never used to train AI.
How complex is Form 8938 to fill out?
Form 8938 has a Form Complexity Index of 72 out of 100, in the complex tier: 131 fillable fields across 2 pages. Instafill.ai's AI fills it in under a minute, with every field there for you to review before you download.
What is Form 8938 and when is it required?
Form 8938, Statement of Specified Foreign Financial Assets, is a report required by the Internal Revenue Service (IRS) to be filed by certain U.S. taxpayers who have an interest in specified foreign financial assets and/or signing authority over those assets. The form must be filed with the taxpayer's annual income tax return, if the total value of the specified foreign financial assets exceeds certain thresholds. The thresholds vary depending on the taxpayer's tax filing status and tax residence. Form 8938 is required for tax years beginning after March 18, 2010.
What types of filers are there for Form 8938?
There are three categories of filers for Form 8938: 1) Specified Individuals, which includes U.S. citizens, resident aliens, and certain nonresident aliens; 2) Specified Domestic Entities, which includes estates, trusts, and domestic partnerships; and 3) Specified Foreign Financial Institutions, which includes foreign financial institutions that have an account held for the benefit of a U.S. person. Each category has different reporting requirements and thresholds.
What information is required for Part I: Foreign Deposit and Custodial Accounts Summary?
Part I of Form 8938 requires taxpayers to report information about their foreign financial accounts, including the name of the foreign financial institution, the account number, the maximum value of the account during the tax year, and the country where the account is located. This information is reported for each account that meets the reporting threshold. Taxpayers must also report the aggregate maximum value of all their foreign financial accounts.
What is the difference between a deposit account and a custodial account?
A deposit account is a type of financial account that holds cash or cash equivalents, such as a checking or savings account. A custodial account, on the other hand, is an account where a financial institution holds, manages, and reports on behalf of another party. For Form 8938 purposes, a custodial account includes accounts held at a foreign financial institution, such as a brokerage account, mutual fund, or retirement account. The reporting requirements for deposit accounts and custodial accounts are the same, but the information reported may differ.
What information is required for Part II: Other Foreign Assets Summary?
Part II of Form 8938 requires taxpayers to report information about their other foreign assets, including the name of the asset, the maximum value of the asset during the tax year, and the country where the asset is located. This information is reported for each asset that meets the reporting threshold. The types of assets that must be reported include stocks, securities, partnership interests, real property, and any other financial interest in a foreign entity. Taxpayers must also report the aggregate maximum value of all their other foreign assets.
What should be reported as a foreign asset on Form 8938?
A foreign asset is any financial interest in or signature authority over a financial account in a foreign country, or any financial asset outside the United States if the taxpayer has an interest in the asset exceeding certain thresholds. This includes, but is not limited to, stocks, securities, mutual funds, options, annuities, accounts receivable or payable, deposits in foreign banks, and real property located outside the United States. Reporting thresholds vary based on tax filing status and taxpayer residency status.
What is the difference between a specified individual, partnership, corporation, and trust for Form 8938?
A specified individual is a U.S. person who is required to file Form 8938. This includes U.S. citizens, resident aliens, and certain nonresident aliens. A partnership is a business entity that is not an individual, corporation, or trust. A corporation is a legal entity that is taxed separately from its owners. A trust is a legal arrangement where one party holds and manages assets on behalf of another party. Each entity type has different reporting requirements and forms for filing with the IRS.
What forms can be excluded from reporting on Form 8938?
Certain forms and accounts may be excluded from reporting on Form 8938. For example, Form W-2, Form 1099-INT, Form 1099-DIV, and Form 1099-B reporting U.S. source income are generally not required to be reported on Form 8938. However, it is important to note that other forms and accounts may still need to be reported on other IRS forms, such as Form 3520 or Form 3520-A. Consult the instructions for Form 8938 and the IRS website for more information.
What is the process for reporting multiple foreign assets or accounts on Form 8938?
Multiple foreign assets or accounts should be reported on a single Form 8938 using the appropriate worksheets provided in the instructions. Each asset or account should be listed separately, along with its value and the foreign currency exchange rate used to determine the value. If the taxpayer has more than one foreign financial interest in the same foreign financial institution, they may be able to combine the interests into a single reporting unit. Consult the instructions for Form 8938 for more information.
What is the process for reporting foreign currency exchange rates on Form 8938?
Foreign currency exchange rates should be reported on Form 8938 using the rate in effect on the last day of the tax year. The taxpayer may use the rate published in the Federal Register or the rate provided by their financial institution. If the taxpayer used an alternative rate, they must provide an explanation and documentation to support the rate used. The exchange rate is used to convert the value of the foreign assets and accounts into U.S. dollars for reporting purposes.
What is the difference between a foreign entity and an interest in a foreign entity?
A foreign entity refers to a foreign corporation, partnership, trust, estate, or other entity that is not a U.S. person. An interest in a foreign entity, on the other hand, refers to ownership in such an entity, including through direct or indirect ownership of stock or partnership interests. It is essential to report both the foreign entity and your interest in it if the aggregate value exceeds the reporting thresholds.
What information is required for Part VI: Detailed Information for Each 'Other Foreign Asset' Included in the Part II Summary?
Part VI requires detailed information about each 'other foreign asset' included in the Part II summary. This includes the name of the foreign financial institution, the account number, the type of account, the maximum value during the taxable year, and the country where the account is located. This information is necessary to ensure proper reporting of your foreign assets and compliance with the tax laws.
What is the difference between an issuer and a counterparty for Form 8938?
An issuer is an entity that issues securities, while a counterparty is an entity with which a transaction is entered into. For Form 8938, you are required to report your direct or indirect ownership in foreign financial assets from issuers and counterparties. This information is necessary to provide a complete picture of your foreign financial assets and interests.
What is the difference between a U.S. person and a foreign person for Form 8938?
A U.S. person is any individual who is a citizen or resident of the United States, or an estate or trust that is administered in the United States. A foreign person is any individual, estate, or trust that is not a U.S. person. Form 8938 is required to be filed by U.S. persons reporting specified foreign financial assets, including foreign financial accounts, stocks, and other assets exceeding certain thresholds.
What happens if I failed to file Form 8938 on time?
Failure to file Form 8938 on time may result in penalties. The penalty for not filing on time is generally $10,000 or 35% of the gross value of the foreign financial assets that should have been reported, whichever is greater. If you have failed to file Form 8938 and wish to come into compliance, you should consult a tax professional or the IRS for guidance on how to proceed.
What are the penalties for not filing or incorrectly filing Form 8938?
The penalties for not filing or incorrectly filing Form 8938, Statement of Specified Foreign Financial Assets, can be severe. The IRS may impose a penalty of up to $10,000 for each nonwillful failure to file, report, and pay related taxes. For willful violations, the penalties can be much higher, including fines up to $50,000 or 50% of the amount in the account at issue, whichever is greater, and criminal penalties including imprisonment.
Where can I find more information about Form 8938 and its instructions?
You can find more information about Form 8938, Statement of Specified Foreign Financial Assets, and its instructions on the IRS website. The instructions provide detailed information about who must file, what types of foreign financial assets are reportable, and how to report them. You can also contact the IRS Taxpayer Assistance Center for assistance with any questions you may have.
Encrypted in transit and at restNever used to train AIDelete your forms any time

Get your Form 8938 filled out by AI

$0 today. Cancel before Nov 1 and you pay nothing.

Other forms like this one

financial forms: Form 12.902(b), Family Law Financial Affidavit (Short Form), Form I-361, Affidavit of Financial Support, Form CJA-23, Financial Affidavit, Form 107, Statement of Financial Affairs, SBA Form 413, Personal Financial Statement, Personal Financial Statement (REV 06/2018) – Northwest Federal Credit Union, NSFAS Consent Form (National Student Financial Aid Scheme) – APP2026, International Student Application for Financial Aid 2026-2027 (International Student Application for Financial Assistance 2026-2027), State of Hawaii Department of Commerce and Consumer Affairs (DCCA) Contractors License Board – Application for Contractor's License (Sole Proprietor) (CT-36) with supporting forms (Experience Certificate CT-03, Contractors Financial Statement CT-02, and Chronological History of Projects/Project List), Colorado Judicial Department Form JDF 1111SC (Form 35.2), Sworn Financial Statement, Northwestern University Office of Undergraduate Financial Aid International Applicant Document Upload Cover Sheet, Vanguard Super Apply for a financial hardship payment, Selbstauskunft/ Vermögensaufstellung (Financial Self-Disclosure/Statement of Assets), Selbstauskunft - vertraulich - (Financial Self-Disclosure), Empower Financial Services, Inc. (EFSI) and Empower Advisory Group, LLC (EAG) Form CRS Customer Relationship Summary, Rollover Form (Principal Financial Group), Principal Financial 401(k) Withdrawal Form, Principal Financial Group Pre-Approved Basic Savings Plan - Plus, DoD 7000.14-R, Department of Defense Financial Management Regulation, Volume 12: Special Accounts, Funds and Programs, Principal Financial Group Notice of Data Breach

PA state forms: Form 1095-A, Health Insurance Marketplace Statement, Form W-2, Wage and Tax Statement, Form 593, Real Estate Withholding, Form CMS-2567, Statement of Deficiencies, Form 1098, Mortgage Interest Statement, Form 1098-T, Tuition Statement, Form 1099-S, Proceeds From Real Estate Transactions, Form 1098-E, Student Loan Interest Statement, Form DS-3053, Statement of Consent, Form DS-86, Statement of Non-Receipt of a U.S. Passport, Form DS-86, Statement of Non-Receipt of a U.S. Passport, Form 108, Statement of Intention, Form 107, Statement of Financial Affairs, Form 121, Statement About Your SSNs, Form 122A-1, Chapter 7 Statement of Current Monthly Income, Center for Infertility & Reproductive Surgery – New Patient Questionnaire and Patient/Guarantor Statement (Brigham and Women’s Hospital, Department of Obstetrics and Gynecology), Adult Travel Document Application for Stateless and Protected Persons in Canada (16 years of age or over) (PPTC 190), Form W-8IMY (Rev. October 2021), Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, Form W-2, Wage and Tax Statement (2025), State of New Mexico Workers’ Compensation Administration — Workers' Compensation Complaint (Rev. 8/22) (11.4.4.9 NMAC)

NJ state forms: Form 1095-A, Health Insurance Marketplace Statement, Form W-2, Wage and Tax Statement, Form 593, Real Estate Withholding, Form CMS-2567, Statement of Deficiencies, Form 1098, Mortgage Interest Statement, Form 1098-T, Tuition Statement, Form 1099-S, Proceeds From Real Estate Transactions, Form 1098-E, Student Loan Interest Statement, Form DS-3053, Statement of Consent, Form DS-86, Statement of Non-Receipt of a U.S. Passport, Form DS-86, Statement of Non-Receipt of a U.S. Passport, Form 108, Statement of Intention, Form 107, Statement of Financial Affairs, Form 121, Statement About Your SSNs, Form 122A-1, Chapter 7 Statement of Current Monthly Income, Center for Infertility & Reproductive Surgery – New Patient Questionnaire and Patient/Guarantor Statement (Brigham and Women’s Hospital, Department of Obstetrics and Gynecology), Adult Travel Document Application for Stateless and Protected Persons in Canada (16 years of age or over) (PPTC 190), Form W-8IMY (Rev. October 2021), Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, Form W-2, Wage and Tax Statement (2025), State of New Mexico Workers’ Compensation Administration — Workers' Compensation Complaint (Rev. 8/22) (11.4.4.9 NMAC)

state ID forms: Application for Renewal or Duplicate of Alabama Driver License or ID card, Form 1095-A, Health Insurance Marketplace Statement, Form W-2, Wage and Tax Statement, Form 593, Real Estate Withholding, Form CMS-2567, Statement of Deficiencies, Form 1098, Mortgage Interest Statement, Form 1098-T, Tuition Statement, Form 1099-S, Proceeds From Real Estate Transactions, Form 1098-E, Student Loan Interest Statement, Form DS-3053, Statement of Consent, Form DS-86, Statement of Non-Receipt of a U.S. Passport, Form 108, Statement of Intention, Form 107, Statement of Financial Affairs, Form 121, Statement About Your SSNs, Form 122A-1, Chapter 7 Statement of Current Monthly Income, Center for Infertility & Reproductive Surgery – New Patient Questionnaire and Patient/Guarantor Statement (Brigham and Women’s Hospital, Department of Obstetrics and Gynecology), Adult Travel Document Application for Stateless and Protected Persons in Canada (16 years of age or over) (PPTC 190), Form W-8IMY (Rev. October 2021), Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, Form W-2, Wage and Tax Statement (2025), State of New Mexico Workers’ Compensation Administration — Workers' Compensation Complaint (Rev. 8/22) (11.4.4.9 NMAC)

7 days free, then $19.99/month · Cancel anytime