Under the Foreign Account Tax Compliance Act (FATCA), certain U.S. taxpayers must report specified foreign financial assets on Form 8938, Statement of Specified Foreign Financial Assets, filed with their federal income tax return.
Reporting thresholds vary by filing status and by whether you live in the United States or abroad. Form 8938 is separate from the FBAR, and many taxpayers must file both.
Assets That May Be Reportable
Foreign bank and brokerage accounts
Foreign stocks and securities held outside an account
Interests in foreign partnerships or entities
Certain foreign pension and insurance contracts
Foreign mutual funds and investment holdings
Our FATCA Services
Review of specified foreign financial assets
Threshold review based on filing status and residence
Form 8938 preparation with your federal tax return
Reporting of foreign accounts, securities and certain interests
Review of missed or prior-year Form 8938 filings
Coordination with FBAR and PFIC reporting
Asset definitions, thresholds and exceptions depend on your facts; we review what applies to your return.
Form 8938 (FATCA) Filing Thresholds
Form 8938 is required only when the total value of your specified foreign financial assets exceeds the reporting threshold for your filing status and residence. If any threshold below is met, you must file.
Taxpayers living in the United States
Filing status
More than, on the last day of the tax year
More than, at any time during the year
Single or Married Filing Separately
$50,000
$75,000
Married Filing Jointly
$100,000
$200,000
Head of Household
$50,000
$75,000
Taxpayers living abroad
Filing status
More than, on the last day of the tax year
More than, at any time during the year
Single, Married Filing Separately or Head of Household
$200,000
$300,000
Married Filing Jointly
$400,000
$600,000
To whom FATCA applies
U.S. citizens
Lawful permanent residents (Green Card holders)
Resident aliens for tax purposes — including those meeting the substantial presence test, such as H-1B and L-1 visa holders
Certain domestic entities formed or availed of to hold foreign financial assets
These thresholds can change by tax year — always confirm the amounts for the year you are filing. For the current requirements, see the official IRS Instructions for Form 8938. Thresholds are based on the total value of specified foreign financial assets, and higher thresholds apply to taxpayers living abroad. Form 8938 is separate from the FBAR — many taxpayers must file both for the same accounts. We review the thresholds that apply to your specific situation.
Frequently Asked Questions
What is Form 8938?
Form 8938, Statement of Specified Foreign Financial Assets, is filed with your federal income tax return to report specified foreign financial assets under FATCA when reporting thresholds are met.
Are FATCA thresholds the same for everyone?
No. Thresholds depend on filing status and whether you live in the United States or abroad. We review the thresholds that apply to your situation.
Is Form 8938 the same as an FBAR?
No. They are separate filings with different thresholds, recipients and asset definitions. Many taxpayers must file both for the same accounts.
What if I missed filing Form 8938?
We review prior-year returns and help evaluate how to bring reporting into compliance. Outcomes depend on the facts and available IRS procedures.
