# Late filing 8938



## VanOfBees

So, I've just discovered about the 8938 form and the FBAR form. Fortunately I'm not too late to file the FBAR but I realise I should have filed the 8938 form.

My situation is that I received some money an inheritance and kept it in a UK bank account for a few weeks before sending it to the USA. Consequently when I did my US tax return I didn't even think about it because it wasn't in the UK any more and as far as I can see from looking at turbo-tax I did not submit a 1040 schedule B.. I've now discovered the $75k threshold which applies to 'at any point'.

I'm thinking that my best course of action is to find a CPA and file an amendment (1040X) and with it submit my 8938 form hoping that since I'm only 6 weeks past the submission deadline it will demonstrate that I didn't do it willfully (since why would I be submitting an amendment so quickly).

Has anyone got any prior experience of filing the 8938 form late? any advice? suggestions? Recommendations of a CPA who is reasonably priced? How do you go about filing a Schedule B as an amendment?


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## BBCWatcher

This is tax year 2013, correct?

No problem -- and I really don't think you need a CPA for this. You're not even late if you're living overseas and you file by June 15. Here's what you'd do:

1. If you're living overseas, attach a simple statement to your tax return per the instructions in Publication 54 indicating that your due date is June 15 due to overseas residence.

2. File a 1040X with a revised Schedule B that checks that checkbox you forgot.

3. Add the Form 8938 to the amended return with the correct information.

Mail it off, and that's it.


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## Bevdeforges

The $75K threshold only applies to US residents. The threshold is significantly higher for overseas residents:





> If you are a taxpayer living abroad you must file if:
> 
> 
> You are filing a return other than a joint return and the total value of your specified foreign assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year; or
> You are filing a joint return and the value of your specified foreign asset is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the year.


The IRS page is here for more information: Do I need to file Form 8938, “Statement of Specified Foreign Financial Assets”?

Hope this helps.
Cheers,
Bev


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## VanOfBees

Thanks Bev, I maybe wasn't clear. I hold a UK passport and currently live in the USA on a Visa. Do you think the $75k threshold therefore does apply to me, or would it be the higher threshold you suggested.


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## Bevdeforges

Oops - it's the lower threshold if you're resident in the US (regardless of your passport). That'll teach me to sprint through the forum.

But filing an amended form may or may not be possible. Check the instructions for the 1040X form, but I seem to recall something about them not accepting the amendment if there is no change in the tax due. (Then again, if that's the case, the omission of the 8938 may or may not be noted. If they do notice that it's missing, they'll most likely send you a note asking why you didn't file one. Another case of no news is good news.)
Cheers,
Bev


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## VanOfBees

BBCWatcher said:


> This is tax year 2013, correct?
> 
> No problem -- and I really don't think you need a CPA for this. You're not even late if you're living overseas and you file by June 15. Here's what you'd do:
> 
> 1. If you're living overseas, attach a simple statement to your tax return per the instructions in Publication 54 indicating that your due date is June 15 due to overseas residence.
> 
> 2. File a 1040X with a revised Schedule B that checks that checkbox you forgot.
> 
> 3. Add the Form 8938 to the amended return with the correct information.
> 
> Mail it off, and that's it.


Thanks BBCWatcher, I think I wasn't very clear. I am a US resident (living on an H1B Visa) with a UK passport, as such I'm pretty sure my deadline was April 14th, however my plan would be exactly what you suggest, as Bev pointed out, technically I might not be meant to file a 1040x if I have not changed the tax due, but it can't make my situation worse.

From looking at the 1040x, I would fill that in and also fill a Schedule B, I can't see anything on the 1040x which talks about foreign accounts or which specifically states I will attach a schedule B, I would just attach the two forms together, correct?

p.s. Thanks so much for the advice, it's really improved my day


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## ForeignBody

VanOfBees said:


> Thanks BBCWatcher, I think I wasn't very clear. I am a US resident (living on an H1B Visa) with a UK passport, as such I'm pretty sure my deadline was April 14th, however my plan would be exactly what you suggest, as Bev pointed out, technically I might not be meant to file a 1040x if I have not changed the tax due, but it can't make my situation worse.
> 
> From looking at the 1040x, I would fill that in and also fill a Schedule B, I can't see anything on the 1040x which talks about foreign accounts or which specifically states I will attach a schedule B, I would just attach the two forms together, correct?
> 
> p.s. Thanks so much for the advice, it's really improved my day


From the Instructions for 1040X:

_If you are not changing any dollar amounts you originally reported, but are
sending in only additional information, do the following.
Check the box for the calendar year or enter the other
calendar or fiscal year you are amending.
Complete name, address, and SSN.
Check a box in Part II, if applicable, for the Presidential
Election Campaign Fund.
Complete Part III, Explanation of changes._


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## BBCWatcher

Yes, and the IRS's instructions for Form 8938 also indicate you must send it along with a 1040 of some type, including as an example 1040X. So that all fits.


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## Jacob123

Late filing,i listen about it very first time.However nice to know about the fact of late filing.I think situation become more worse if its filing becomes too late.Nice suggestion about it.


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