Form 8938, Statement of Specified Foreign Financial Assets
Form 8938 reports specified foreign financial assets, like foreign bank accounts, securities, and interests in foreign entities, when their total value passes the reporting threshold. Complete the PDF online and download it for your return.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 8938?
Form 8938, Statement of Specified Foreign Financial Assets, is the FATCA reporting form attached to your income tax return when your foreign financial assets exceed the applicable threshold. Reportable assets include foreign deposit and custodial accounts, foreign stocks and securities held outside an account, and interests in foreign entities and certain foreign financial instruments.
The thresholds depend on your filing status and where you live, starting at lower amounts for single filers living in the United States and rising substantially for married couples and taxpayers living abroad. Form 8938 is separate from the FBAR (FinCEN Form 114): many people must file both, because they go to different agencies under different rules.
Who files 8938?
- U.S. citizens and resident aliens whose specified foreign financial assets exceed their threshold
- Married couples filing jointly whose combined foreign assets pass the higher joint threshold
- Americans living abroad, who get significantly higher reporting thresholds
- Certain domestic entities formed or used to hold specified foreign financial assets
How to fill out 8938
- Identify all your specified foreign financial assets and value them, converting to U.S. dollars using year-end exchange rates.
- Complete the account detail parts for each foreign deposit and custodial account, including the institution and maximum value.
- Report other foreign assets, such as foreign stock or interests in foreign entities, in the sections for non-account assets.
- Fill in the summary part showing where income from these assets appears elsewhere on your return.
- Download the completed PDF and attach it to your annual income tax return by its due date, including extensions.
Quick fill 8938 on this page
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Frequently asked questions
Is Form 8938 the same as the FBAR?
No. The FBAR (FinCEN Form 114) is filed separately with the Treasury’s FinCEN and has its own threshold, while Form 8938 attaches to your IRS tax return with higher, filing-status-based thresholds. Many taxpayers with foreign accounts must file both.
What are the reporting thresholds?
They vary by filing status and residence. For example, unmarried taxpayers living in the United States have the lowest threshold, and the amounts roughly double for joint filers and increase substantially for taxpayers living abroad. Check the current instructions for the exact figures.
What happens if I should have filed Form 8938 and did not?
There is a significant penalty for failing to file, with additional penalties if the failure continues after IRS notice, plus possible accuracy penalties on related tax. If you missed a year, look into the IRS procedures for correcting late international information returns.