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IRS Form 8938 Hub (2010–2025)
IRS Form 8938 reports specified foreign financial assets under FATCA. File with Form 1040 when foreign asset values exceed your threshold, or face an IRS penalty.
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Who Should Use This Form 8938 Hub?
• FATCA Filers — You hold specified foreign financial assets above the IRS Form 8938 filing threshold for your status and residence.
• Dual Filers — You must file both Form 8938 and FinCEN Form 114 when the same accounts exceed both FATCA and FBAR thresholds.
• Foreign Retirement Account Holders — You own a Canadian RRSP, UK SIPP, or similar foreign retirement plan that exceeds your applicable reporting threshold.
• PFIC Investors — You hold shares in a foreign mutual fund classified as a passive foreign investment company requiring Form 8938 disclosure.
• Late or Non-Filers — You missed prior-year Form 8938 filings and need to use streamlined filing compliance procedures to come into compliance.
• Specified Domestic Entities — Your closely held domestic corporation or partnership holds foreign finan
Who Must File Form 8938?
You must file IRS Form 8938 if you are a U.S. person with specified foreign financial assets whose total value exceeds the threshold for your filing status and residence. U.S. residents filing single or married filing separately face a $50,000 end-of-year threshold or $75,000 at any time. Married filing jointly filers use $100,000 end-of-year or $150,000 anytime.
U.S. Resident Single Filers
Single and married filing separately U.S. residents must file if the value of their foreign assets exceeds $50,000 at year-end.
U.S. Resident Married Filing Jointly
Married filing jointly U.S. residents must file Form 8938 if the value of their foreign assets exceeds $100,000 at year-end.
Single Filers Living Abroad
U.S. citizens or residents abroad who file as single or married filing separately face a $200,000 limit on end-of-year contributions.
Married Filing Jointly — Living Abroad
Married filing jointly taxpayers abroad must file Form 8938 when specified foreign financial assets exceed $400,000 at year-end or $600,000 at any time.
Foreign Retirement Account Holders
Owners of foreign retirement accounts, including Canadian RRSPs and UK SIPPs, must report once the aggregate value exceeds the applicable threshold.
Specified Domestic Entities
Closely held domestic corporations and partnerships that hold foreign financial assets above the threshold must attach Form 8938 to their returns.
How Form 8938 Works
Form 8938 — Statement of Specified Foreign Financial Assets — is filed with Form 1040 under IRC §6038D and the Foreign Account Tax Compliance Act. Part I covers foreign deposit and custodial accounts. Part II covers other specified foreign financial assets such as foreign stocks, partnership interests, mutual funds, and retirement plans. Parts III through VI report maximum values, income, and institution identification. The IRS cross-references Form 8938 against FATCA reports from foreign financial institutions and separate FBAR filings.
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Form 8938 vs. Other Foreign Asset Reporting Returns
Multiple IRS forms cover foreign asset reporting, and several may apply to the same taxpayer. Choosing the correct form depends on asset type, account balance, and filing threshold.
What Happens If You Don’t File Form 8938
Failing to file IRS Form 8938 when required triggers automatic financial penalties that grow with continued noncompliance. Each unfiled tax year carries its own separate penalty exposure.
Initial Failure-to-File Penalty
The IRS assesses a $10,000 penalty for each tax year for which Form 8938 was required but not filed. This penalty applies automatically and is assessed per return, not per account. It begins once the IRS determines the form was not attached to your Form 1040.
Continued Noncompliance After IRS Notice
If Form 8938 is not filed within 90 days after the IRS mails a formal notice, an additional $10,000 penalty applies for each 30-day period the failure continues, up to a maximum of $50,000. This continued noncompliance penalty is added to the initial amount.
Substantial Understatement Penalty (40%)
Income tax understatements from undisclosed specified foreign financial assets are subject to a 40% accuracy-related penalty. This rate is double the standard 20% and applies specifically to unreported income from foreign financial assets not disclosed on Form 8938 for the applicable tax year.
Extended Statute of Limitations
When a taxpayer omits more than $5,000 of income from specified foreign financial assets, the IRS statute of limitations is extended from 3 years to 6 years. This longer window gives the IRS more time to audit and assess taxes on unreported foreign income.
Criminal Penalties for Willful Violations
Willful failure to file Form 8938 or intentional misrepresentation of foreign asset values can result in criminal penalties under FATCA. Criminal prosecution is rare but applies to cases involving intentional concealment of specified foreign financial assets from the IRS across multiple tax years.
Always Use the Correct Year’s Form 8938
The IRS updates Form 8938 each year to reflect changes in FATCA definitions, thresholds, and required disclosures. Using the wrong year’s form causes processing errors and penalties for inaccurate foreign asset reporting.
Each version of Form 8938 aligns with the rules in effect for that specific tax year. This hub provides the correct IRS form for every year from 2011 through 2024, covering the full range of FATCA requirements.
Filing thresholds for Form 8938 vary by tax year and may be adjusted by IRS guidance. The $50,000 end-of-year threshold for U.S. resident single filers has remained consistent, but IRS notices may affect how specified foreign financial assets are classified. Always verify thresholds using the Form 8938 instructions for the specific tax year you are filing.
The six-part structure of Form 8938 has been refined since FATCA took effect, and earlier versions contain different disclosure requirements. Parts covering foreign deposit accounts, custodial accounts, and other specified foreign financial assets were updated in response to IRS rulemaking. Filing a prior-year return using the current-year form creates part-level mismatches that result in missing or incorrect disclosures.
FBAR coordination requirements are year-specific and affect how the same foreign accounts appear on both Form 8938 and FinCEN Form 114. Instructions for cross-referencing these two filings have been updated in multiple IRS notices since FATCA was enacted. Using outdated instructions when completing both filings creates inconsistent disclosures that can trigger an IRS inquiry.
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How to File Form 8938 Correctly
Follow these steps to prepare and file an accurate IRS Form 8938 with your Form 1040. Careful preparation reduces errors, missed thresholds, and IRS follow-up.
1. Identify All Specified Foreign Financial Assets
List all specified foreign financial assets held during the tax year, including foreign deposit accounts, foreign brokerage accounts, foreign stocks, partnership interests, foreign mutual funds, foreign retirement accounts, and foreign-issued debt instruments. Foreign real estate held directly is excluded from Form 8938 reporting.
2. Determine Your Applicable Filing Threshold
U.S. resident single filers use $50,000 year-end or $75,000 anytime. Married filing jointly filers use $100,000 or $150,000. Taxpayers abroad use $200,000 or $300,000 for single and $400,000 or $600,000 for married filing jointly.
3. Aggregate Values Across All Assets
Add year-end values and peak-during-year values of all specified foreign financial assets. If either total exceeds your Form 8938 threshold, you must file Form 8938 for that tax year. Convert foreign currency to U.S. dollars using the IRS or Treasury Financial Management Service exchange rate.
4. Complete Parts I Through VI of Form 8938
Complete all six parts of Form 8938. Part I covers deposit and custodial accounts. Part II covers other specified foreign financial assets. Part III reports maximum values. Part IV reports income for each foreign asset. Parts V and VI identify each foreign institution or issuer.
5. Coordinate With FBAR and Other Foreign Reporting Forms
Check whether the same accounts require a separate FinCEN Form 114 FBAR filed through the BSA E-Filing system. Foreign corporations may also require Form 5471, PFICs require Form 8621, and foreign trusts require Form 3520. Form 8938 does not satisfy any of these separate filings.
6. Attach Form 8938 to Form 1040 and File
Attach Form 8938 to Form 1040 and file by the due date, including extensions. Form 8938 is part of your federal income tax return, unlike the FBAR, which is filed separately. For prior-year returns, attach the correct year’s Form 8938 to the matching year’s Form 1040.
Common Filing Mistakes
• Using the FBAR $10,000 threshold instead of the FATCA threshold for Form 8938
• Filing FBAR but overlooking the separate Form 8938 filing requirement for the same accounts
• Omitting non-account foreign financial assets such as foreign stock and partnership interests
• Applying the wrong threshold for your filing status or foreign residence classification
• Failing to report income from foreign assets in Part IV as required by FATCA instructions
• Missing the Form 8938 filing deadline by confusing it with the separate FBAR deadline
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Preguntas frecuentes (FAQ)
What is the difference between Form 8938 and FBAR?
Form 8938 is filed with Form 1040 under FATCA and covers specified foreign financial assets, including non-financial assets such as foreign stocks and retirement plans. The FBAR is filed separately with FinCEN and covers only foreign accounts above $10,000.
What are the Form 8938 filing thresholds?
Thresholds vary by filing status and residence. U.S. resident single filers must file when foreign assets exceed $50,000 at year-end or $75,000 at any point. Married filing jointly filers in the U.S. use $100,000 or $150,000.
What are specified foreign financial assets for Form 8938 purposes?
Specified foreign financial assets include foreign deposit accounts, custodial accounts, foreign stocks and securities, partnership interests, foreign mutual funds, foreign-issued bonds, foreign retirement accounts, and certain interests in foreign trusts. Directly held foreign real estate is excluded, but an interest in a foreign entity that holds real estate is reportable.
What are the penalties for not filing Form 8938 when required?
The initial failure-to-file penalty is $10,000 per tax year. Continued noncompliance after an IRS notice adds $10,000 per 30-day period up to $50,000. Income from undisclosed foreign assets is subject to a 40% accuracy penalty, and the statute of limitations extends to 6 years.
Do I need to file Form 8938 every year?
IRS Form 8938 is required for each tax year in which your specified foreign financial assets exceed the applicable threshold. If you hold foreign accounts above the threshold in multiple years, attach IRS Form 8938 to each year’s Form 1040.
Does filing FBAR satisfy the Form 8938 requirement, or vice versa?
No, filing FinCEN Form 114 does not satisfy Form 8938, and filing Form 8938 does not satisfy the FBAR requirement. The two filings differ in scope and penalty structures. Taxpayers with foreign accounts totaling more than $10,000 may need both filings for the same accounts in the same tax year.
What if I missed prior-year Form 8938 filings?
Taxpayers with unfiled Form 8938 returns may qualify for streamlined filing compliance procedures if failures were non-willful. The streamlined domestic and foreign offshore procedures allow amended returns to be filed with Form 8938 at a reduced penalty. Each prior-year return must use the correct year’s version of Form 8938.
Are foreign retirement accounts reportable on Form 8938?
Yes, foreign retirement accounts, including Canadian RRSPs, UK SIPPs, Australian superannuation funds, and Indian PPFs, are reportable on Form 8938 once their value exceeds your FATCA threshold. Some accounts may be subject to treaty elections that affect how income from these accounts is reported on Form 1040.