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Question

Question about Form 8938

Forum|Forum|1 year ago
February 10, 2025
1 reply
0 views

My spouse, a NZ citizen and a green card holder, moved to US permanently in Feb 2024. She has bank accounts, 401k equivalent investments etc. (total > 300K USD) in NZ. For Jan 2024, she was paid income and taxes were automatically deducted by NZ govt. I will file FBAR/FINCEN 114 as net assets > $10K but do I need to file form 8938? Do I need to report foreign income earned in Jan 2024 even though taxes were already deducted by IRD, NZ?

When living in the US, citizens and permanent residents should file Form 8938 when the aggregate value of their foreign financial accounts exceeds $50,000 ($100,000 when filing a joint return with a spouse).

Therefore, it sounds like this year she should file that form with her return.

As a permanent resident, she is required to report all of her worldwide income., so she will need to include the income earned while in New Zealand.

She can also report the taxes paid on that income for a foreign tax credit on the US tax return to mitigate double taxation.

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Thanks for the information. Can you please let me know where I need to fill the details in turbo tax:

1. Form 8938

2. Income for 1 month with taxes already.

3. Interest paid on assets and taxes deducted already.

The current form in turbo tax assumes the W2 submitted as foreign income which is not the case.

Thanks!

To clarify, for question 2, was the income reported on a W2? In question 3, did you pay the interest or was the interest paid to you?

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