Help with form 8938 - Foreign assets?
Hello, I have a question about tax form 8938.
I have a structured settlement that is being paid by Allstate. Allstate somehow has transferred ownership of the contract to Allstate international assignments in Ireland. The owner AIA has sent a letter stating I ‘may’ have to file a form 8938.
I meet the reporting threshold for the form, but have not been able to confirm there indeed is a cash surrender value. I’ve talked to Allstate a couple times without any luck determining that I do have to file the form.
Even if I do have to file the form, it seems to not meet my ‘interest’. I am being paid monthly for the length of the contract, and this income is being reported correctly in form of 1099 on my return.
I’d love to email, or talk to anyone that might have experience with this tax form, or would know how to treat my situation. The penalty for not filing or filing incorrectly is 10k.