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Completing Form 8938

Completing Form 8938

Old Jun 5th 2017, 4:40 pm
  #1  
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Default 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.
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Old Jun 5th 2017, 4:56 pm
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Default 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.
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Old Jun 5th 2017, 5:18 pm
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Default Re: Completing Form 8938

Originally Posted by reltub View Post

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.
See Q7 at the bottom of the page:

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
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Old Jun 5th 2017, 5:40 pm
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Default Re: Completing Form 8938

Many thanks for the quick responses. Very much appreciated.
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