These Form 8938 instructions [PDF 245 KB] note that beginning in 2014, an individual with a reportable interest in a Canadian Registered Retirement Savings Plan (RRSP) or Registered Retirement Income Fund (RRIF) must file Form 8938 to report these assets because, also beginning in 2014, U.S. citizens and residents no longer report an RRSP or RRIF on Form 8891 (Form 8891 having been obsoleted).
Form 8938 is used to report specified foreign financial assets if the total value of all the specified foreign financial assets in which a taxpayer has an interest is more than the appropriate reporting threshold.
The final version of Form 8938 [PDF 166 KB] for 2014 was posted in December 2014, and that version differs from the 2013 version of Form 8938 in that the 2014 version includes the addition of a “Reserved” line for Parts V and VI, Line 7b.
As explained on the IRS website, U.S. citizens, U.S. individual residents, and a very limited number of nonresident individuals who own certain foreign financial accounts or other offshore assets—i.e., specified foreign financial assets—must report these assets as follows:
Taxpayers with a total value of specified foreign financial assets below a certain threshold do not file Form 8938:
Taxpayers who do not have to file an income tax return for the tax year do not have to file Form 8938, regardless of the value of their specified foreign financial assets.
Penalties apply for failure to file accurately.
In late 2014, final regulations (T.D. 9706) were issued concerning the requirement that individual taxpayers report to the IRS specified foreign financial assets for tax years beginning after March 18, 2010 (the date of enactment of the FATCA rules).
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