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Filing of Delinquent Form 8938

Filing of Delinquent Form 8938

Old Apr 23rd 2015, 12:47 am
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Default Filing of Delinquent Form 8938

I've done a lot of research into this and I've come to the conclusion that I should have filed Form 8938 in my 2012 taxes. But only for that year. (No distribution therefore no tax due, but informational filing still required.)

(For a stock purchase not held in a financial account and which exceeded the reporting value at any time during the year.)

I've mentioned this here before but it has not been a clear cut process due to the lack of clarity in various definitions etc.

I even took some advice from Tax Accountants who were not sure of their conclusions.

My quandary is this. From the IRS instructions there's apparently a $10,000 penalty for not filing. (Whether this is can/may/will be penalised I have no idea.)
In addition, even though there are programs for filing of delinquent FBAR's I can find no information for Form 8938.
In addition it seems that the 3 year statute of limitations does not apply until Form 8938 is filed.


I have emailed Pete Newton and also left a message but haven't heard anything yet.

Input welcomed.

Last edited by Hotscot; Apr 23rd 2015 at 12:53 am.
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Old Apr 23rd 2015, 4:50 pm
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Default Re: Filing of Delinquent Form 8938

Originally Posted by Hotscot View Post
I've done a lot of research into this and I've come to the conclusion that I should have filed Form 8938 in my 2012 taxes. But only for that year. (No distribution therefore no tax due, but informational filing still required.)

(For a stock purchase not held in a financial account and which exceeded the reporting value at any time during the year.)

I've mentioned this here before but it has not been a clear cut process due to the lack of clarity in various definitions etc.

I even took some advice from Tax Accountants who were not sure of their conclusions.

My quandary is this. From the IRS instructions there's apparently a $10,000 penalty for not filing. (Whether this is can/may/will be penalised I have no idea.)
In addition, even though there are programs for filing of delinquent FBAR's I can find no information for Form 8938.
In addition it seems that the 3 year statute of limitations does not apply until Form 8938 is filed.


I have emailed Pete Newton and also left a message but haven't heard anything yet.

Input welcomed.
See Q16 here : Basic Questions and Answers on Form 8938

Q16. I filed my income tax return but now realize that I should have filed Form 8938 with my return, what should I do?

If you omitted Form 8938 when you filed your income tax return, you should file Form 1040X, Amended U.S. Individual Income Tax Return, with your Form 8938 attached.
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Old Apr 23rd 2015, 5:13 pm
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Default Re: Filing of Delinquent Form 8938

Thanks...I had thought I was outside the amendment time limit. I'll look into doing this.
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Old Apr 24th 2015, 1:04 pm
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Default Re: Filing of Delinquent Form 8938

If the 8938 is not filed the statute of limitations will never expire, so in, say, the year 2525 the IRS could suddenly decide to audit your 2012 return! Such fun for your descendants...
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Old Apr 24th 2015, 3:36 pm
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Default Re: Filing of Delinquent Form 8938

Originally Posted by MidAtlantic View Post
See Q16 here : Basic Questions and Answers on Form 8938

Q16. I filed my income tax return but now realize that I should have filed Form 8938 with my return, what should I do?

If you omitted Form 8938 when you filed your income tax return, you should file Form 1040X, Amended U.S. Individual Income Tax Return, with your Form 8938 attached.
This is what I would do.

You made a genuine mistake that has no tax consequences and are trying to correct it. The 2012 tax year is pretty recent. Our daughter filed a 1040X this year for 2012 because her employer sent her a modified W2, because they had failed to state the implied cost of the life insurance benefit employees get,and that benefit is taxable.
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Old Apr 24th 2015, 4:21 pm
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Default Re: Filing of Delinquent Form 8938

Originally Posted by durham_lad View Post
This is what I would do.

You made a genuine mistake that has no tax consequences and are trying to correct it. The 2012 tax year is pretty recent. Our daughter filed a 1040X this year for 2012 because her employer sent her a modified W2, because they had failed to state the implied cost of the life insurance benefit employees get,and that benefit is taxable.
Yup...I've taken steps to do this now. Feeling much more relieved..
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