Form 8938: FATCA Thresholds and Who Must File
Form 8938 reports specified foreign financial assets, and the IRS instructions (Rev. November 2021) say an unmarried specified individual living in the United States satisfies the reporting threshold only if the total value of those assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year; for an unmarried individual living outside the United States the amounts are $200,000 and $300,000. Married filing jointly the amounts are $100,000 and $150,000 in the United States and $400,000 and $600,000 outside it, and the instructions say the form is required unless an exception applies.
Maintained by Archie Chang · Sources checked against IRS text on November 2, 2026 · Methodology & sources
What Form 8938 is and who must file
The IRS describes the form in one sentence and says who must file in the instructions:
“Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.”
“Unless an exception applies, you must file Form 8938 if you are a specified person (see Specified Person, later) that has an interest in specified foreign financial assets and the value of those assets is more than the applicable reporting threshold.”
“Exception if no income tax return required. If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold.”
The Form 8938 and its instructions are both marked Rev. November 2021, and the instructions say this about their revision cycle:
“Form 8938 and these instructions have been converted from an annual revision to continuous use. Both the form and instructions will be updated as needed. For the most recent versions, go to IRS.gov/ Form8938.”
The IRS About Form 8938 page showed this under “Recent developments” when we checked on November 2, 2026:
“Recent developments
None at this time.”
Specified individuals and specified domestic entities
The instructions call a specified individual or a specified domestic entity a “specified person”. They list each group in full, and the quotes below are those complete lists.
“You are a specified individual if you are one of the following.
A U.S. citizen.
A resident alien of the United States for any part of the tax year (but see Reporting Period, later).
A nonresident alien who makes an election to be treated as a resident alien for purposes of filing a joint income tax return.
A nonresident alien who is a bona fide resident of American Samoa or Puerto Rico. See Pub. 570, Tax Guide for Individuals With Income From U.S. Possessions, for a definition of bona fide resident.”
“You are a specified domestic entity if you are one of the following.
A closely held domestic corporation that has at least 50% of its gross income from passive income.
A closely held domestic corporation if at least 50% of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership, later).
A closely held domestic partnership that has at least 50% of its gross income from passive income.
A closely held domestic partnership if at least 50% of its assets produce or are held for the production of passive income (see Passive income and Percentage of passive assets held by a corporation or partnership, later).
A domestic trust described in section 7701(a)(30)(E) that has one or more specified persons (a specified individual or a specified domestic entity) as a current beneficiary.”
Reporting thresholds
The instructions say a specified individual’s threshold depends on whether the person is married, files a joint federal income tax return, and lives inside or outside the United States. Each amount in the table is a “more than” amount: the instructions word it as more than the amount on the last day of the tax year, or more than the amount at any time during the tax year.
“Taxpayers living in the United States. If you do not live outside the United States, you satisfy the reporting threshold discussed next that applies to you, and no exception applies, file Form 8938 with your income tax return.”
“Taxpayers living outside the United States. If your tax home is in a foreign country, you meet one of the presence abroad tests described next, and no exception applies, file Form 8938 with your income tax return if you satisfy the reporting threshold discussed next that applies to you.”
“You satisfy the presence abroad test if you are one of the following.
A U.S. citizen who has been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year.
A U.S. citizen or resident who is present in a foreign country or countries at least 330 full days during any period of 12 consecutive months that ends in the tax year being reported.”
| Who | Last day of the tax year | At any time during the tax year |
|---|---|---|
| Unmarried, living in the United States | More than $50,000 | More than $75,000 |
| Married filing a joint return, living in the United States | More than $100,000 | More than $150,000 |
| Married filing separate returns, living in the United States | More than $50,000 | More than $75,000 |
| Unmarried, living outside the United States | More than $200,000 | More than $300,000 |
| Married filing a joint return, living outside the United States | More than $400,000 | More than $600,000 |
| Married filing separate returns, living outside the United States | More than $200,000 | More than $300,000 |
| Specified domestic entity | More than $50,000 | More than $75,000 |
The IRS comparison page, which its footer shows was last reviewed 19-Sep-2026, lists the same amounts. It groups an unmarried individual and a married individual filing separately in one line.
“Page Last Reviewed or Updated: 19-Sep-2026”
Threshold checker
The checker compares two totals with the table above, to the cent. A total equal to the amount is not more than the amount. The definitions of specified person, the exceptions, the valuation rules and the presence abroad tests in the instructions also apply.
Compare two totals with the amounts in the instructions
Amounts for this choice in the instructions: more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the tax year.
Enter both totals (0 or more) to compare them.
The checker only compares the amounts, to the cent; it does not decide whether a person must file.
Specified foreign financial assets
The instructions define what counts toward the total value:
“Specified foreign financial assets include the following assets.
1. Financial accounts maintained by a foreign financial institution.
2. The following foreign financial assets if they are held for investment and not held in an account maintained by a financial institution.
a. Stock or securities issued by someone that is not a U.S. person (including stock or securities issued by a person organized under the laws of a U.S. possession).
b. Any interest in a foreign entity.
c. Any financial instrument or contract that has an issuer or counterparty that is not a U.S. person (including a financial contract issued by, or with a counterparty that is, a person organized under the laws of a U.S. possession).”
“For foreign financial assets excepted from reporting, see Assets Not Required To Be Reported, later.”
Form 8938 and the FBAR are separate filings
The FBAR is FinCEN Form 114. The IRS comparison page opens with this, and FinCEN’s own page and due date notice give the FBAR facts used on this page:
“The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.”
“A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.”
“[…]
the annual due date for filing FBARs for foreign financial accounts is April 15.
[…]
FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required.
[…]
The FBAR filing deadline will follow the Federal income tax due date guidance, which notes that when the Federal income tax due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day.”
FinCEN’s page is at fincen.gov/report-foreign-bank-and-financial-accounts. The first table below repeats the main table of the IRS comparison page word for word, with all nine rows.
| Form 8938, Statement of Specified Foreign Financial Assets | FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) | |
|---|---|---|
| Who must file? | Specified individuals and specified domestic entities that have an interest in specified foreign financial assets and meet the reporting threshold Specified individuals include U.S citizens, resident aliens, and certain non-resident aliens Specified domestic entities include certain domestic corporations, partnerships, and trusts | U.S. persons, which include U.S. citizens, resident aliens, trusts, estates, and domestic entities that have an interest in foreign financial accounts and meet the reporting threshold |
| Does the United States include U.S. territories? | No | Yes, resident aliens of U.S territories and U.S. territory entities are subject to FBAR reporting |
| Reporting threshold (total value of assets) | Specified individuals living in the US: Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year. Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year. Specified individuals living outside the US: Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year. Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year. Specified domestic entities: Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the tax year. | Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported. |
| When do you have an interest in an account or asset? | If any income, gains, losses, deductions, credits, gross proceeds, or distributions from holding or disposing of the account or asset are or would be required to be reported, included, or otherwise reflected on your income tax return | Financial interest: you are the owner of record or holder of legal title; the owner of record or holder of legal title is your agent or representative; you have a sufficient interest in the entity that is the owner of record or holder of legal title. Signature authority: you have authority to control the disposition of the assets in the account by direct communication with the financial institution maintaining the account. See instructions for further details. |
| What is reported? | Maximum value of specified foreign financial assets, which include financial accounts with foreign financial institutions and certain other foreign non-account investment assets | Maximum value of financial accounts maintained by a financial institution physically located in a foreign country |
| How are maximum account or asset values determined and reported? | Fair market value in U.S. dollars in accord with the Form 8938 instructions for each account and asset reported Convert to U.S. dollars using the end of the taxable year exchange rate and report in U.S. dollars. | Use periodic account statements to determine the maximum value in the currency of the account. Convert to U.S. dollars using the end of the calendar year exchange rate and report in U.S. dollars. |
| When due? | Form is attached to your annual return and due on the date of that return, including any applicable extensions | Received by April 15 (6-month automatic extension to Oct 15) |
| Where to file? | File with income tax return pursuant to instructions for filing the return. | File electronically through FinCENs BSA E-Filing System. The FBAR is not filed with a federal tax return. |
| Penalties | Up to $10,000 for failure to disclose and an additional $10,000 for each 30 days of non-filing after IRS notice of a failure to disclose, for a potential maximum penalty of $60,000; criminal penalties may also apply | Civil monetary penalties are adjusted annually for inflation. For civil penalty assessment prior to Aug 1, 2016, if non-willful, up to $10,000; if willful, up to the greater of $100,000 or 50 percent of account balances; criminal penalties may also apply |
| Types of foreign assets | Form 8938 | FinCEN Form 114 (FBAR) |
|---|---|---|
| Financial (deposit and custodial) accounts held at foreign financial institutions | Yes | Yes |
| Financial account held at a foreign branch of a U.S. financial institution | No | Yes |
| Foreign financial account for which you have signature authority | No, unless you otherwise have an interest in the account as described above | Yes, subject to exceptions |
| Foreign stock or securities not held in a financial account | Yes | No |
| Foreign partnership interests | Yes | No |
| Foreign real estate held directly | No | No |
| Foreign real estate held through a foreign entity | No, but the foreign entity itself is a specified foreign financial asset and its maximum value includes the value of the real estate | No |
| Foreign currency held directly | No | No |
“Note: This table is current through the publication date. Please check the instructions for each form for information regarding any future developments.”
Penalties
The instructions describe the failure-to-file penalty, the continuing failure penalty and the reasonable cause exception:
“If you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date (including extensions), you may be subject to a penalty of $10,000.”
“If you do not file a correct and complete Form 8938 within 90 days after the IRS mails you a notice of the failure to file, you may be subject to an additional penalty of $10,000 for each 30-day period (or part of a period) during which you continue to fail to file Form 8938 after the 90-day period has expired. The maximum additional penalty for a continuing failure to file Form 8938 is $50,000.”
“No penalty will be imposed if you fail to file Form 8938 or to disclose one or more specified foreign financial assets on Form 8938 and the failure is due to reasonable cause and not to willful neglect. You must affirmatively show the facts that support a reasonable cause claim.”
When and how Form 8938 is filed
“Attach Form 8938 to your annual return and file by the due date (including extensions) for that return.”
“Do not send a Form 8938 to the IRS unless it is attached to an annual return or an amended return.”
The annual return’s own due date is on the tax deadline 2027 page, and extensions are on the tax extension deadline 2027 page. Foreign gifts and foreign trusts are reported on a different form; see Form 3520.
Frequently asked questions
What is the Form 8938 reporting threshold?
For a specified individual living in the United States, the IRS instructions (Rev. November 2021) give $50,000 on the last day of the tax year or $75,000 at any time during the tax year for an unmarried individual and for a married individual filing a separate return, and $100,000 and $150,000 for married taxpayers filing a joint return. Each is stated as “more than”, and the instructions say the reporting threshold is satisfied only if the total value of the specified foreign financial assets is more than the applicable amount. A specified domestic entity has $50,000 and $75,000.
What are the Form 8938 thresholds for people living outside the United States?
The instructions give $200,000 on the last day of the tax year or $300,000 at any time during the tax year for an unmarried individual or a married individual filing a separate return, and $400,000 and $600,000 for married taxpayers filing a joint return. They apply these amounts if the tax home is in a foreign country and the person meets one of the presence abroad tests: a U.S. citizen who has been a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or a U.S. citizen or resident who is present in a foreign country or countries at least 330 full days during any period of 12 consecutive months that ends in the tax year being reported.
Who must file Form 8938?
The instructions say that, unless an exception applies, a specified person that has an interest in specified foreign financial assets must file Form 8938 if the value of those assets is more than the applicable reporting threshold. A specified person is a specified individual (a U.S. citizen, a resident alien for any part of the tax year, and two kinds of nonresident alien) or a specified domestic entity. The instructions also say a person who does not have to file an income tax return for the tax year does not have to file Form 8938.
Is Form 8938 the same as the FBAR?
No. The IRS comparison page says the Form 8938 filing requirement does not replace or otherwise affect the obligation to file FinCEN Form 114 (the FBAR), and that the FBAR is not filed with the IRS but directly with FinCEN. FinCEN’s page says a United States person with a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year, and its due date notice gives April 15 with an automatic extension to October 15.
Where is Form 8938 filed and when is it due?
The instructions say to attach Form 8938 to the annual return and file by the due date (including extensions) for that return, and not to send a Form 8938 to the IRS unless it is attached to an annual return or an amended return. The IRS comparison page repeats that the form is attached to the annual return and due on the date of that return, including any applicable extensions.
What are the penalties for not filing Form 8938?
The instructions say a person who does not file a complete and correct Form 8938 by the due date (including extensions) may be subject to a penalty of $10,000, plus an additional $10,000 for each 30-day period (or part of a period) after the 90-day period that follows an IRS notice, with a maximum additional penalty of $50,000. They also provide for no penalty if the failure is due to reasonable cause and not to willful neglect. The IRS comparison page describes a potential maximum penalty of $60,000 and adds that criminal penalties may also apply.
Which revision of Form 8938 is the IRS’s posted version?
When we checked on November 2, 2026, the IRS About Form 8938 page listed the Form 8938 and Instructions for Form 8938 PDFs under “Current revision”, and both PDFs were marked Rev. November 2021. The instructions say the form and instructions were converted from an annual revision to continuous use. The Instructions for Form 8938 (Rev. November 2021) do not mention inflation adjustments, and the IRS comparison page (page last reviewed 19-Sep-2026) gives the same threshold amounts.
Related IRS form pages and tax pages
Sources (checked November 2, 2026): IRS: About Form 8938 · IRS: Form 8938 (Rev. November 2021), PDF · IRS: Instructions for Form 8938 (Rev. November 2021), PDF · IRS: Comparison of Form 8938 and FBAR requirements · FinCEN: Report Foreign Bank and Financial Accounts (FBAR) · FinCEN: FBAR due date notice (03/06/2019), PDF