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Form 8938 is used to report certain specified foreign financial assets under FATCA. It is filed with your U.S. tax return when the reporting rules apply.
Many expats confuse Form 8938 with FBAR, but they are not the same requirement. Some taxpayers may need one, both, or neither depending on the value and type of foreign financial assets they hold.
Form 8938 is an IRS form used to report specified foreign financial assets. Unlike FBAR, which is filed separately through FinCEN, Form 8938 is attached to your Form 1040 when it applies.
Form 8938 is connected to FATCA reporting rules. It is generally focused on foreign financial assets rather than ordinary income tax calculations.
You may need to file Form 8938 if the value of your specified foreign financial assets exceeds the applicable reporting threshold.
The thresholds for Form 8938 are generally higher than the FBAR threshold, and they can vary depending on filing status and whether you live inside or outside the United States.
Because the thresholds can change depending on your situation, do not assume that filing an FBAR automatically means Form 8938 is required, or that avoiding FBAR means Form 8938 is not required.
Form 8938 reports certain foreign financial assets. These may include foreign financial accounts and other specified foreign assets, depending on the facts.
Common categories may include:
Form 8938 and FBAR are separate reporting requirements.
If you are still sorting out foreign account reporting, start with FBAR Requirements and then review this page for Form 8938.
Form 8938 is submitted with Form 1040 when it applies. It does not replace income reporting, FBAR reporting, or the forms used to claim FEIE or the Foreign Tax Credit.
It is mainly a disclosure form for specified foreign financial assets. However, the assets listed on Form 8938 may also connect to income reported elsewhere on the return, such as interest, dividends, capital gains, partnership income, or trust income.
To prepare Form 8938, you may need information such as:
Form 8938 can become more complex if you have foreign investment accounts, foreign business interests, foreign trusts, high-value assets, mixed ownership, or assets spread across multiple countries.
If you own foreign companies, partnerships, or business entities, review the Foreign Company Owner guide as well.
If you may have Form 8938 reporting, gather your foreign account and asset records before preparing your return.