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.
· A financial account that is maintained by a dealer or trader in securities or commodities if all of the holdings in the account are subject to the mark-to-market accounting rules for dealers in securities, or an election under section 475(e) or (f) is made for all of the holdings in the account.
· There are also exceptions for duplicative reporting (Forms 3520, 5471, 8621, 8865).