The formulas
- FBAR: combined foreign accounts over $10,000 at any time
- Form 8938 in the U.S.: over $50,000 at year end or $75,000 any time; joint $100,000 or $150,000
- Form 8938 abroad: over $200,000 or $300,000; joint $400,000 or $600,000
How it works
The IRS comparison page sets the Form 8938 thresholds by filing status and residence: unmarried or married filing separately in the U.S. above $50,000 at year end or $75,000 at any time, joint filers in the U.S. above $100,000 or $150,000, and taxpayers living abroad above $200,000 or $300,000, or $400,000 or $600,000 joint.
The FBAR is filed with FinCEN, not the IRS, when the aggregate value of foreign financial accounts exceeds $10,000 at any time in the calendar year. The two forms cover different assets and both can be required. Form 8938 penalties start at $10,000 and rise to $60,000 after notice.
Illustrative figures only. Check the result against your firm's methodology before relying on it.
Common questions
Do I file FBAR with my tax return?
No. FBAR is FinCEN Form 114, filed with FinCEN, not with Form 1040. Form 8938 is attached to the tax return.
Can both forms be required?
Yes. The thresholds and assets differ, so many filers owe both.
Is a married couple filing separately treated as joint?
No. The IRS page groups married filing separately with unmarried filers.
Sources
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