Foreign financial assets

Forum|Forum|10 months ago
May 14, 2025
1 reply
0 views

- is form 8938 Statement of Specified Foreign Financial Assets just a form to declare your assets or are they subject to tax?

- I have overseas mutual funds - do they need to be reported here?

Not A Product Question

JotikaT2

Form 8938 is an informational form used to report your foreign assets. No tax is assessed on this form. This reference from the IRS breaks down when filing of this form is required.

And yes, mutual funds are required to be reported on Form 8938 if you meet the overall threshold amount for your filing status as outlined in this link for all of your foreign financial assets.

Please see this comparison chart for a better detail of the accounts that need to be included on Form 8938 filing. The chart also shows when you could potentially have an FBAR filing requirement.

If you are using TurboTax, you can refer to these instructions for guidance on preparing Form 8938.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"