# Streamlined process: forms 1116 and 8938



## LC3622 (Jan 8, 2014)

As part of the streamlined filing, are these forms required? In addition to 1040, 2555, schedule B and copies of FBars, what other forms are absolutely must? Thanks a lot


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## LC3622 (Jan 8, 2014)

Also, I also understand 8938 was introduced by IRS in 2012- does it mean I do not need to do it for 2010 and 2011 taxes?


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## BBCWatcher (Dec 28, 2012)

It simply depends on your income tax situation. These are normal filings, albeit late ones.

Yes, of course, if a particular tax form didn't exist in a prior tax year then you wouldn't file it.


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## Bevdeforges (Nov 16, 2007)

lucenet said:


> As part of the streamlined filing, are these forms required? In addition to 1040, 2555, schedule B and copies of FBars, what other forms are absolutely must? Thanks a lot


Form 1116 is only needed if you want to claim the Foreign Tax Credit. If you're taking the FEIE (form 2555) and that reduces your tax liability to $0, then there is no reason to bother with the 1116.

The 8938 is only required if you meet the requirements in terms of the value of your reportable financial assets. Comparison of Form 8938 and FBAR Requirements gives you an overview, but note what it says about reporting threshold - there are higher thresholds for those living outside the US.

This page may also be of interest to you: Information for U.S. Taxpayers on Form 8938 Requirements
Cheers,
Bev


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## LC3622 (Jan 8, 2014)

BBCWatcher said:


> It simply depends on your income tax situation. These are normal filings, albeit late ones.
> 
> Yes, of course, if a particular tax form didn't exist in a prior tax year then you wouldn't file it.


Thanks. I can only find 8938 for 2012 and 2013 tax years on the IRS website.


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## LC3622 (Jan 8, 2014)

Bevdeforges said:


> Form 1116 is only needed if you want to claim the Foreign Tax Credit. If you're taking the FEIE (form 2555) and that reduces your tax liability to $0, then there is no reason to bother with the 1116.
> 
> The 8938 is only required if you meet the requirements in terms of the value of your reportable financial assets. Comparison of Form 8938 and FBAR Requirements gives you an overview, but note what it says about reporting threshold - there are higher thresholds for those living outside the US.
> 
> ...


Thanks for clarification. Yes, I do not need 1116 then.


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## aeolion (May 6, 2014)

I think the 8938 is required for 2011, at least that is what I submitted. There is an 8938 for that has December 2013 in smallish print in parentheses under the form title, which just seems to be a kind of version. I could find no 8938 form with the year in large type like, say, the 1040. So I submitted years 2012 and 2011 (and of course 2013) on that same form.

Seemed like the right thing to do.

And the 1116s all the way back to 2010.


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## BBCWatcher (Dec 28, 2012)

Form 8938 (FATCA) was introduced for Tax Year 2012. If you submitted Form 8938 for Tax Year 2011 you simply over-reported. No harm in that, but it was completely unnecessary.


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## aeolion (May 6, 2014)

I have been only a consumer of help on the tax forum, so when I saw an opportunity to give a little help, I got so excited I jumped at it.

Alas, I was wrong. I guess I should remain a taker in the field of taxation.


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## Bevdeforges (Nov 16, 2007)

aeolion said:


> I have been only a consumer of help on the tax forum, so when I saw an opportunity to give a little help, I got so excited I jumped at it.
> 
> Alas, I was wrong. I guess I should remain a taker in the field of taxation.


Not to worry. There are no absolute right and wrong answers when it comes to taxation - at least not US taxation. Every line of the tax code is open to interpretation and you can rest assured that just about every line in the tax code is somewhere being "interpreted" by someone. Even if it's the folks working in the IRS offices - no one interpretation is "right" for everyone's tax situation.
Cheers,
Bev


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