What are excepted specified foreign financial assets?

You don't have to report an asset on Form 8938 if you report it on one or more of these forms that you timely file with the IRS for the same tax year:

• Form 3520
• Form 3520-A
• Form 5471
• Form 8621
• Form 8865

Instead, you must identify the form where you reported the asset by indicating how many forms you filed.