! individual, you must include — 1121 Inst 8938 (PDF)

CAUTION the value of the assets

reported on Forms 3520, 3520-A, 5471, 8621, and 8865 in determining whether you satisfy the reporting threshold that applies to you. See Reporting Thresholds Applying to Specified Individuals , earlier.

Domestic Investment Trusts

If you are considered the owner under the grantor trust rules (sections 671 through 679) of any part of a domestic widely held fixed investment trust under Regulations section 1.671-5, you do not have to report any specified foreign financial asset held by the part of the trust you are considered to own.

Domestic Bankruptcy Trusts

If you are considered the owner under the grantor trust rules (sections 671 through 679) of any part of a domestic liquidating trust under Regulations section 301.7701-4(d) that is created under chapter 7 or chapter 11 of the Bankruptcy Code, you do not have to report any specified foreign financial asset held by the part of the trust you are considered to own.

Bona Fide Resident of a U.S. Possession

If you are a bona fide resident of a U.S. possession (American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands), do not include the value of the following assets to determine if you satisfy the reporting threshold that applies to you. If you are required to file Form 8938, you do not have to report the following specified foreign financial assets on Form 8938.

A financial account that is maintained by a U.S. payer, such as a domestic financial institution. In general, a U.S. payer also includes a domestic branch of a foreign bank or foreign insurance company and a foreign branch or foreign subsidiary of a U.S. financial institution. Examples of financial accounts maintained by U.S. financial institutions include:

U.S. mutual funds accounts,
IRAs (traditional or Roth),
Section 401(k) retirement accounts,
Qualified U.S. retirement plans, and
Brokerage accounts maintained by U.S. financial institutions.

A financial account that is maintained by a dealer or trader in securities or commodities if all of the holdings in the account are subject to the mark-to-market accounting rules for dealers in securities or an election under section 475(e) or (f) is made for all of the holdings in the account.

Certain Financial Assets

You do not have to report any asset that is not held in a financial account if the asset is subject to the mark-to-market accounting rules for dealers in securities or commodities or an election under section 475(e) or (f) is made for the asset.

Foreign Equivalent to U.S. Social Security

Payments or the rights to receive the foreign social security equivalent to U.S. social security, social insurance benefits, or another similar program of a foreign government are not specified foreign financial assets and are not reportable. The foreign social security equivalent to U.S. social security does not include an interest in a foreign pension plan, which, as described above, is subject to section 6038D reporting.

Exceptions To Reporting

Duplicative Reporting

You do not have to report any asset on Form 8938 if you report it on one or more of the following forms that you timely file with the IRS for the same tax year.

Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (in the case of a specified person who is a beneficiary of a foreign trust, see Part III of Form 3520 and its instructions).
Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.
Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund.
Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships.

Instead, you must identify on Form 8938 the form(s) on which you report the specified foreign financial asset and how many of these forms you file. See Part IV. Excepted Specified Foreign Financial Assets , later.

Joint Form 5471 or Form 8865 Filers

If you are included as part of a joint Form 5471 or Form 8865 filing and provide the notification required by Regulations section 1.6038-2(i) or 1.6038-3(c), you are considered to have filed that form for purposes of the requirement to report specified foreign financial assets on Form 8938. See Part IV. Excepted Specified Foreign Financial Assets , later.

Foreign Grantor Trusts

If you are considered the owner under the grantor trust rules (sections 671 through 679) of any part of a foreign trust, you do not have to report any of the specified foreign financial assets held by the part of the trust you are considered to own if you satisfy the following conditions.

You report the trust on a Form 3520 that you timely file with the IRS for the same tax year. See Part III of Form 3520 and its instructions.
You ensure that the trust timely files Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, (or you timely file a substitute Form 3520-A) with the IRS for the

-10- Instructions for Form 8938 (Rev. 11-2021)

A financial account maintained by a financial institution organized under the laws of the U.S. possession of which you are a bona fide resident.
A financial account maintained by a branch of a financial institution not organized under the laws of the U.S. possession of which you are a bona fide resident, if the branch is subject to the same tax and information reporting requirements that apply to a financial institution organized under the laws of the U.S. possession of which you are a bona fide resident.
Stock or securities issued by an entity organized under the laws of the U.S. possession of which you are a bona fide resident.
An interest in an entity organized under the laws of the U.S. possession of which you are a bona fide resident.
A financial instrument or contract held for investment, provided each issuer or counterparty that is not a U.S. person is either an entity organized under the laws of the U.S. possession of which you are a bona fide resident or a bona fide resident of the U.S. possession of which you are a bona fide resident.