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.