Form 8938 (Statement of Specified Foreign Financial Assets)

The IRS says specified individuals include US citizens, resident aliens for any part of the year, and certain nonresident aliens. Specified foreign financial assets include accounts at foreign financial institutions and, if held for investment, foreign stock or securities, interests in foreign entities, and financial contracts with a non-US issuer or counterparty.

Thresholds depend on filing status and where you live. For people living in the United States, the IRS lists more than $50,000 on the last day of the year or more than $75,000 at any time for unmarried filers, and twice those amounts on a joint return. For taxpayers living abroad, the figures are more than $200,000 at year end or more than $300,000 at any time, and more than $400,000 or more than $600,000 on a joint return.

The IRS says you do not need to file Form 8938 for a year in which you do not have to file an income tax return. Filing Form 8938 does not replace the FBAR. The instructions describe a $10,000 failure-to-file penalty, further penalties after an IRS notice, and a longer period for the IRS to assess tax when the form is missing.

Not to be confused with

• FBAR. The FBAR is filed with FinCEN, uses a $10,000 aggregate account threshold for everyone, and covers accounts only.
• FATCA. FATCA is the wider law that also makes foreign financial institutions report US account holders; Form 8938 is the individual's own report under it.

Sources

• Do I need to file Form 8938, Statement of Specified Foreign Financial Assets?Official guidance
• Comparison of Form 8938 and FBAR requirementsOfficial guidance
• Instructions for Form 8938 (11/2021)Official guidance

Related

Countries covered

General

Sources

3 sources

Tax year

Current rules as checked

Review

Not professionally reviewed
Sources checked November 9, 2026