QUESTION:
ANSWER:
No it does not apply to 401k plans including solo 401k plans and IRAs per the section titled “Assets Not Required to be Reported” of the Form 8938 instructions.
Certain Financial Accounts
The following financial accounts and the assets held in such accounts are not specified foreign financial assets and do not have to be reported 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.