Completing Form 8938
Jun 5th 2017, 4:40 pm
#1
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Location: Boston, MA
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Completing Form 8938
I am hoping I can get some guidance on completing this form :-
a) Is a private pension in the UK reported as a "Foreign Deposit and Custodial Account "( Section V) or " Other Foreign Acct" ( Section VI)?
b) How do I calculate Maximum Value of Account during year when each of the underlying funds changed price each day, as did the exchange rate ?
Thanks in advance.
a) Is a private pension in the UK reported as a "Foreign Deposit and Custodial Account "( Section V) or " Other Foreign Acct" ( Section VI)?
b) How do I calculate Maximum Value of Account during year when each of the underlying funds changed price each day, as did the exchange rate ?
Thanks in advance.
Jun 5th 2017, 4:56 pm
#2
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Joined: Nov 2012
Posts: 902
Re: Completing Form 8938
Most professionals report it in Section VI; unless it is a foreign grantor trust so you'd have filed the 3520-A back in March and be filing a 3520 with the rest of your return.
Jun 5th 2017, 5:18 pm
#3
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Location: Athens GA
Posts: 2,134
Re: Completing Form 8938
https://www.irs.gov/businesses/corpo...38#FPensionsQ1
You should use the Treasury Foreign Exchange rate as at December 31. See the center column at the bottom of Page 7:
https://www.irs.gov/pub/irs-pdf/i8938.pdf
Jun 5th 2017, 5:40 pm
#4
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Re: Completing Form 8938
Many thanks for the quick responses. Very much appreciated.
