The FATCA Questionnaire only requires the following three information
Our clients can file FATCA (Form 8938) for the lowest price offered in the market.
★ PENALTIES FOR FATCA NON-COMPLIANCE ★
Minimum $10,000
Additional $10,000 penalty for 30 days after receiving IRS notice
Maximum $60,000
Additional fines may also apply under criminal law
Do you need to file both FBAR and FATCA? Uncle Sam is your solution!
Do you meet the residency status requirement for FATCA?
The following U.S. residents filing Form 1040 must attach Form 8938 (FATCA) to their tax return and file FBAR (Form 114) with FINCEN, a bureau of the U.S. Department of Treasury, if the respective reporting thresholds are met.
▶ U.S. citizen or permanent resident
▶ Various working or investment visa holders
▶ Student visa holders considered as resident aliens (must meet Substantial Presence Test)
▶ Non-resident alien spouse electing to be treated as a resident alien
Do you meet the reporting threshold for FATCA?
You are required to file FATCA (Form 8938) if the aggregate value of all foreign financial accounts and assets exceed the amounts listed below either at the end of the year or during the year. FATCA is separate from FBAR and, as a result, must be reported to the Internal Revenue Service (IRS) by being attached to a U.S. individual income tax return.
| REPORTING THRESHOLD AMOUNT | RESIDED OUTSIDE THE U.S. | RESIDED IN THE U.S. |
|---|
| YEAR END | Single OR Married Filing Separately (MFS): $200,000
Married Filing Jointly (MFJ): $400,000 | Single OR Married Filing Separately (MFS): $50,000
Married Filing Jointly (MFJ): $100,000 |
|---|
| DURING THE YEAR | Single OR Married Filing Separately (MFS): $300,000
Married Filing Jointly (MFJ): $600,000 | Single OR Married Filing Separately (MFS): $75,000
Married Filing Jointly (MFJ): $150,000 |
|---|
IF YOUR FILING STATUS IS MARRIED FILING JOINTLY (MFJ)
As previously mentioned, FATCA (Form 8938) must be attached to your U.S. individual income tax return (Form 1040 or Form 1040-NR is electing a tax treaty). If your filing status is Married Filing Jointly (MFJ), you must report each spouse's foreign financial account in a single Form 8938 (FATCA). However, each spouse must create and complete their own Form 8938 (FATCA) Questionnaire.
IF YOUR FILING STATUS IS MARRIED FILING SEPARATELY (MFS)
Those whose filing status is Married Filing Separately (MFS) must individually determine whether the aggregate value of their foreign financial accounts exceeds the reporting threshold. Moreover, the account balance for all jointly owned accounts with their spouse must be split in half when determining the aggregate value. However, the entire account balance must be reported by each spouse (i.e., do not split the account balance in half) when preparing FATCA.
NOTE: The reporting threshold for FATCA changes based on your filing status and where you resided. Thus, please make sure to check the correct reporting threshold amount.
Did you fail to file FATCA for prior years?
The filing method for reporting previously unreported FATCA (Form 8938) depends on whether or not you need to amend your tax return (Form 1040).
All foreign source income (ex. interest, dividend, investment income), gifts, donations, and inheritances have been properly reported on the U.S. tax return that should have also reported FATCA (Form 8938)
Delinquent International Form Submission Procedure
Only Submit Form 8938 (FATCA)
Failed to report FATCA (Form 8938) and omitted foreign source income on a previously filed Form 1040
Please note that FATCA (Form 8938) must be attached and submitted with your Form 1040 if you need to file FATCA for this tax year. Uncle Sam offers a range of FATCA related services to meet the needs of different clients and their unique situation. Below is a list of services we offer:
1. Prepare FATCA (Form 8938) only
2. Prepare an amended tax return along with FATCA (Form 8938) for a previously filed tax return
3. Prepare a tax return and FATCA (Form 8938) for the current or a prior tax year
01. Prepare FATCA (Form 8938) Only You are self-preparing or have hired another paid-preparer to prepare Form 1040 and their FATCA service fee is too high | \80,000 (KRW) for 10 accounts
+ \5,000 (KRW) per additional account
★ Uncle Sam will prepare and then email you Form 8938 (FATCA) to you as a PDF so you or your paid-preparer can attach it to your Form 1040 |
|---|
02. Prepare an amended tax return along with FATCA (Form 8938) for a previously filed tax return 과거년도 신고서에 해외소득은 올바르게 반영되었으나 단지 FATCA 서식이 누락되었거나 누락된 계좌가 발견되어 수정신고가 필요한 경우
| Prepare Form 8938 Only | \80,000 (KRW) for 10 accounts
+ \5,000 (KRW) per additional account |
|---|
Prepare Amended Tax Return (Form 1040X)
| · Minimum standard service fee of $250 (may vary depending on originally filed tax return
· Additional $250 if submitted under the Delinquent International Form Submission Procedure
· Certified international shipping related fee excluded from service fee (e-file is prohibited by the IRS) |
03. Prepare a tax return and FATCA (Form 8938) for the current or a prior tax year You used or plan on using Uncle Sam's Form 1040 Questionnaire | Prepare Form 8938 Only | \80,000 (KRW) for 10 accounts
+ \5,000 (KRW) per additional account |
|---|
| Prepare U.S. Individual Income Tax Return | View Uncle Sam's Form 1040 Service Fee |
※ The service fee preparing and filing an amended tax return only includes the addition of Form 8938 (FATCA) and, as a result, is subject to change if other adjustments are needed.
※ The total service fee depends on the number of accounts reported, which is why it is calculated after all information has been entered. If you are requesting an amended return in addition to Form 8938 (FATCA), please kindly go to the 'Enter additional service fee(서비스금액직접결제)' tab and make the payment before we begin preparing your tax return along with related forms.
※ It will take three business days to finish preparing Form 8938 starting from the day you complete our FATCA Questionnaire and payment.
