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Don't forget about the statute of limitations issues here. Form 8938 not only carries its own penalties, but failing to file it can also keep the entire tax return open to audit indefinitely for any issues related to those foreign assets. I'd recommended addressing both the 8938 and amending the return ASAP. In my experience, the IRS is far more concerned with willful concealment than honest mistakes. A well-documented reasonable cause statement focusing on the poor advice and proactive correction goes a long way.
Is that true about the statute of limitations? I thought it was only FBAR that had that effect. Does form 8938 really keep the whole return open indefinitely?
You're right to question this - I should have been more specific. The statute of limitations is extended to 6 years (not indefinitely) if you omit more than $5,000 of income related to specified foreign financial assets, whether or not you filed Form 8938. If you completely fail to file Form 8938, the statute remains open for any item related to the assets that should have been reported on that form until 3 years after the form is eventually filed. So it's not the entire return that remains open, just the items related to those specific foreign assets. Thanks for the correction - important to be precise with these technical matters.
Ravi Sharma
Quick question about the FORM 8938 treshhold - I thought it was $50k for single filers LIVING IN THE US at year end or $75k at any time during the year? The higher thresholds ($200k/$300k) are for US taxpayers living abroad. Am I missing something?
NebulaNomad
ā¢You're absolutely right about the thresholds. For single filers living in the US, it's $50k on the last day of the tax year or $75k at any time during the year. For married filing jointly in the US, it's $100k on the last day or $150k at any time. The higher thresholds ($200k/$300k for single, $400k/$600k for MFJ) are only for US taxpayers living abroad. Since OP's client is residing in the US as a student, the lower thresholds would apply.
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One thing nobody's mentioned yet - if you're planning to hold for 10 years, consider using a tax-advantaged account like a Roth IRA instead of a regular brokerage account. With a Roth, you won't pay ANY taxes on that $10k growth when you withdraw in retirement. There are income limits and contribution limits to be aware of though.
Chloe Martin
ā¢Thats a really good point - I didnt even think about using a retirement account! Arent there penalties though if I need to take the money out before retirement age?
Yes, there are penalties if you withdraw the earnings before age 59Ā½ - typically a 10% penalty plus taxes. However, you can always withdraw your original contributions (not the earnings) from a Roth IRA at any time without penalties or taxes. So in your example, you could always take out the original $20k anytime you want with no penalty. Only the $10k in gains would be subject to penalties for early withdrawal. This makes Roth IRAs more flexible than other retirement accounts while still giving you the tax advantages.
Another option is tax-loss harvesting if youve got investments that go down. Basically you sell losers to offset any gains in a given year. I saved about $1200 in taxes last year doing this strategically.
Ethan Wilson
ā¢But be careful with wash sale rules! If you buy the same or "substantially identical" stock within 30 days before or after selling at a loss, you can't claim that loss for tax purposes. I learned this the hard way.
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One thing to consider that hasn't been mentioned is a Dependent Care FSA if your employer offers one. If your father lives with you and qualifies as your dependent for care purposes (different rules than tax dependency), you might be able to set aside pre-tax money to pay for his care while you're working. There are specific requirements - he would need to be physically or mentally incapable of self-care and live with you for more than half the year. The maximum is $5,000 per year, but that's still a nice tax savings if you qualify.
Sofia Perez
ā¢That's interesting - I hadn't heard about the Dependent Care FSA option. My dad is generally independent but has mobility issues that require some help. Would occasional home health aides or transportation assistance qualify, or does it need to be full-time care?
It doesn't have to be full-time care to qualify. If your father has legitimate mobility issues that require assistance, expenses for home health aides, adult day care, or transportation to and from care facilities while you're working would generally qualify. The key requirements are that the care must be necessary for your wellbeing (allowing you to work), and your father must live with you for more than half the year and be physically unable to fully care for himself. You'll need a doctor to document his condition and care needs. Keep in mind the $5,000 annual limit applies to all dependent care expenses combined, so if you have children also using this benefit, that's the total cap.
Paolo Rizzo
Has anyone used a QPRT (Qualified Personal Residence Trust) for aging parents? My accountant mentioned it as a tax strategy but I don't fully understand how it works or the benefits.
Amina Sy
ā¢QPRTs are typically used for estate planning, not really for current tax benefits. It's where someone puts their house in a trust but retains the right to live there for a set period. After that period ends, the house goes to the beneficiaries (like children). The main benefit is reducing estate taxes by getting the house out of the estate at a discounted value. But it's complex and probably overkill unless your dad has a very valuable home and a large overall estate that might exceed the federal estate tax exemption (currently $13.61 million).
Paolo Rizzo
ā¢Thanks for explaining! That makes sense - my dad's house is only worth about $220k so probably not worth the complexity. I'll focus on the more immediate tax benefits mentioned above instead.
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Just a data point - I did exactly this last year for my 2022 taxes. Contributed the max to my HSA in March 2023 (for tax year 2022) and immediately withdrew it to cover medical expenses I'd already paid out of pocket. Worked perfectly and saved me about $900 in taxes. My tax software (TurboTax) handled it well, but make sure you get Form 5498-SA from your HSA provider showing the contribution was designated for 2023, and keep your medical receipts organized. I created a simple spreadsheet tracking each expense, date, amount, and payment method that I keep with digital copies of all receipts.
Did you have to get any special form from your doctors or hospitals for the expenses, or just your regular receipts? My hospital bills don't specifically say "qualified medical expense" on them.
Don't forget that you'll need to fill out Form 8889 with your tax return to report both the contribution and distribution. It's pretty straightforward but the instructions can be confusing. Line 2 is where you'll put your $3,850 contribution for 2023. Line 14a is where you'll report the distribution amount. Line 15 is where you'll report that the entire distribution was used for qualified medical expenses. Your HSA provider will send you Form 5498-SA showing your contributions and Form 1099-SA showing your distributions. Make sure the contribution is coded properly as a 2023 contribution.
Lilah Brooks
I work for a financial institution (not a broker though) and can confirm what others have said about foreign securities. These late allocations aren't just about timing but also about finalizing how the distribution is classified for US tax purposes. Foreign companies don't always initially know how their dividends will be treated under US tax code. Sometimes it takes their accounting department months to finalize the proper classification (qualified vs non-qualified, dividend vs return of capital, etc). What you experienced is annoying but completely legitimate from a tax reporting perspective.
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Jackson Carter
ā¢This makes sense! Do foreign companies have different deadlines for issuing their corrections compared to US companies? The whole situation seems really inefficient for taxpayers.
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Kolton Murphy
i had this exact thing happen with a japnese stock! the difference was like $6 in taxes so i just ignored it lol. but my accountant told me that with the international ones they sometimes do these "dividend adjustments" that are technically for the previous year. its super annying for tax purposes but i guess thats how they do things š¤·āāļø def not worth filing a whole amended return for such a small amount. AI: I'll transform the forum content according to the provided guidelines.
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