NY Form 8854 2024-2025

NY Form 8854: What You Should Know

The new state of New York, as a result, may require that your New York tax return be amended to reflect the tax ability of the income from New York sources if you renounce your citizenship for immigration purposes. Form 8938 — International Trust Articles Feb 4, 2025 — To help a person renounce his or her citizenship for purposes of federal income tax withholding, it is necessary to complete and sign a Form 8938 to request the issuance or abandonment of the international trust articles. Foreign trusts may not be treated as domestic trusts if the parties were not legally married to each other under New York law. A trust may qualify as a foreign trust if the parties were not legally married to each other under New York law. Dec 3, 2025 — To renounce citizenship for federal income tax purposes, a taxpayer must complete form 8938 and file its supporting documents in one of the following three ways.  1. The taxpayer must file one Form 8854 or 943. 2. The taxpayer can also file a Form 8938 on behalf of another U.S. taxpayer who is a New York resident. 3. The taxpayer can also file a Form 8938 on behalf of a taxpayer residing in, and who is not a New York resident, provided the taxpayer files a Form 943 under New York law. The Expatriation Trust Agreement June 22, 2025 — The IRS is required to issue Form 8938 for each foreign trust with U.S. assets, or to establish a trust at the request of a U.S. person (including the U.S. person's spouse or anyone holding U.S. property with them), to establish a foreign trust to the same end as if the parties had signed a Form 8854. The taxpayer must sign one Form 8938 for each federal income tax year from the date of the taxpayer's adoption of the trust agreement through the period of time during which the trust was in existence. Each Form 8938 must include an explanation that the taxpayer is requesting to establish a new foreign trust that will end once the U.S. tax return relating to the trust is filed in its entirety. (See, e.g., Notice 2017-50.) The Form 8938 also provides the U.S. address and tax account number of the U.S.

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