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8938/FBAR reporting check

8938/FBAR reporting check

Old Apr 5th 2014, 4:59 am
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Default 8938/FBAR reporting check

I'm just running through the last bit of our tax reporting for this year. As it's my first year fully self-filing, I figure I should post here and check I'm reporting the right things. I actually did both the FBAR and 8938 last year, after our CPA, who did know to do it, failed to include the 8938.

In the process, I managed to find what I'm pretty sure is a minor bug in TaxAct's 8938 Q&A workflow.

I have the following foreign assets, and this is how I plan to report them:

4 x bank accounts: 8938 yes / FBAR yes
Brokerage account: yes / yes - list account as a deposit account, not the shares it holds
Company share incentive plan: no / no - this is complicated, it's a UK-share plan provider holding US shares, within a UK share incentive plan, taxed as normal shares by the IRS. Since I sent them a W9 and they have issued a 1099-DIV for 2013, I don't think it's reportable, but I can see it might be.
Endowment life insurace due to mature next year - yes / yes
Final salary (defined benefit) pension, yet to pay out - yes / no (but with value of zero on 8938)

Does that look right? Thanks.
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Old Apr 5th 2014, 4:54 pm
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Default Re: 8938/FBAR reporting check

The company share incentive plan may be reportable even if it issues a 1099.
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Old Apr 5th 2014, 5:55 pm
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Default Re: 8938/FBAR reporting check

Originally Posted by JAJ View Post
The company share incentive plan may be reportable even if it issues a 1099.
Yes, thanks, I was wondering this morning if it's better to be safe than sorry. I can't find last year's 8938 for some reason, and I suspect I did report it last year.
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