Statement of Specified Foreign Financial Assets
Form 8938: Who Files, the Thresholds and the Penalty
Form 8938 is the FATCA report that US taxpayers attach to their income tax return when foreign financial assets pass a threshold. The threshold depends on where you live and how you file, and it is separate from the FBAR. Here is who files, when, and what happens if you do not.
Quick answer
Who has to file Form 8938?
A US taxpayer whose specified foreign financial assets are worth more than the threshold that applies to them. Living in the US and unmarried, that is more than US$50,000 at year end or US$75,000 at any time; living abroad and unmarried, more than US$200,000 at year end or US$300,000 at any time. Joint filers have double. It is attached to the income tax return, and not filing can cost US$10,000 (IRS).
At a glance
- What it reports
- Specified foreign financial assets: foreign accounts, and foreign stocks, interests and contracts held outside an account
- Filed with
- Your income tax return, by its due date including extensions
- Lowest threshold
- US$50,000 at year end (unmarried, living in the US)
- Penalty
- US$10,000, then up to US$50,000 more after an IRS notice
- Also filed by
- Certain US entities formed to hold foreign assets
The four thresholds
| Your situation | Year-end value above | Or at any time above |
|---|---|---|
| Living in the US, unmarried or married filing separately | US$50,000 | US$75,000 |
| Living in the US, married filing jointly | US$100,000 | US$150,000 |
| Living abroad, unmarried | US$200,000 | US$300,000 |
| Living abroad, married filing jointly | US$400,000 | US$600,000 |
The higher figures apply only if your tax home is in a foreign country and you meet one of the presence-abroad tests in the instructions (IRS). Certain US corporations, partnerships and trusts formed or used to hold foreign financial assets file at more than US$50,000 at year end or US$75,000 at any time.
Form 8938 or FBAR?
They overlap but are not the same, and many people file both (IRS comparison).
| Form 8938 | FBAR | |
|---|---|---|
| Filed with | The IRS, attached to the income tax return | FinCEN, separately online |
| Starts at | US$50,000 and up, depending on residence and filing status | More than US$10,000 in total at any time |
| Covers | Foreign accounts and also foreign assets held directly, such as shares in a foreign company | Foreign financial accounts, including signature authority |
| Due | With the return, including extensions | April 15, automatic extension to October 15 (IRS) |
Filing Form 8938 does not replace the FBAR (IRS). See FBAR and FATCA filing.
The penalty
Not filing a correct and complete Form 8938 can bring a US$10,000 penalty. If it is still not filed 90 days after an IRS notice, a further US$10,000 applies for each 30 days, up to US$50,000 more. For a joint return, the penalties apply as if the couple were one person (IRS).
Behind on Form 8938 and FBARs because you did not know? The IRS Streamlined procedures can cover it for non-willful filers. See Streamlined filing.
Who usually crosses the threshold
Americans abroad
Local bank, pension and investment accounts add up quickly. See US tax for Americans by country.
Green card holders
Accounts kept in the home country after moving. See first-year green card tax.
US residents with family assets abroad
Foreign shares, funds and inheritances. See Form 3520 for foreign gifts.
Law references
- Form 8938 is required by Internal Revenue Code section 6038D, with the detailed rules in the Treas. Reg. section 1.6038D regulations; the thresholds, the entity rules and the penalties above come from them (IRS Form 8938 instructions).
- The FBAR is a separate requirement under 31 USC 5314 and 31 CFR 1010.350 (IRS Internal Revenue Manual 4.26.16).
How we help
Gurleen Kaur, CPA licensed in British Columbia and Washington State, prepares Form 8938 as part of the US return, together with the FBAR. Every engagement starts with a fixed written quote after we review your accounts.
Common questions
Is Form 8938 the same as the FBAR?
No. Form 8938 goes to the IRS with your tax return and starts at US$50,000 or more; the FBAR goes to FinCEN and starts above US$10,000. Filing one does not replace the other.
What is the Form 8938 threshold if I live abroad?
If unmarried, more than US$200,000 at year end or US$300,000 at any time; if married filing jointly, more than US$400,000 or US$600,000.
When is Form 8938 due?
It is attached to your income tax return and due on the return's due date, including extensions.
What is the penalty for not filing Form 8938?
US$10,000, plus US$10,000 for each 30 days the failure continues more than 90 days after an IRS notice, up to US$50,000 more.
Sources
Every rule and figure on this page links to the IRS, CRA or other official source it comes from. Amounts change; we re-check them before each engagement.
- IRS: Instructions for Form 8938
- IRS: Comparison of Form 8938 and FBAR requirements
- IRS: Report of Foreign Bank and Financial Accounts (FBAR)
Gurleen Kaur, CPA licensed in British Columbia and Washington State. Last updated November 11, 2026. This page is general information, not tax or legal advice for your situation.
Related guides: FBAR and FATCA filing, FBAR filing requirements, Streamlined filing.
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