Form 8938 Explained: FATCA Thresholds for Foreign Financial Assets
In this guide
Quick answer: Form 8938 is a form attached to your annual US income tax return to report specified foreign financial assets once they pass a threshold. The thresholds start at more than $50,000 on the last day of the year for a single person living in the US, and are higher for people living abroad and for joint filers. It does not replace the FBAR, which is a separate filing.
If you have savings, accounts or investments back home, you may hear two scary acronyms: FBAR and FATCA. They are not the same thing, and one does not cancel the other. This guide covers Form 8938, the FATCA form that goes with your tax return, using the IRS’s own thresholds.
Who must file Form 8938?
Certain US taxpayers with foreign financial assets above the reporting threshold must file Form 8938, attached to their annual income tax return. Only individuals have to file it. If you do not have to file a US income tax return for the year, you do not have to file Form 8938.
What are the Form 8938 thresholds?
The thresholds depend on where you live and your filing status. Values are of “specified foreign financial assets”.
If you live in the United States
| Filing status | Last day of year | At any time in year |
|---|---|---|
| Single | More than $50,000 | More than $75,000 |
| Married filing jointly | More than $100,000 | More than $150,000 |
| Married filing separately | More than $50,000 | More than $75,000 |
For married filing separately, include one-half of any asset you own jointly with your spouse.
If you live abroad
| Filing status | Last day of year | At any time in year |
|---|---|---|
| Single or married filing separately | More than $200,000 | More than $300,000 |
| Married filing jointly | More than $400,000 | More than $600,000 |
The IRS defines “living abroad” as being a US citizen whose tax home is in a foreign country and who was present in a foreign country or countries for at least 330 days in a consecutive 12-month period.
Form 8938 vs FBAR: what is the difference?
- Form 8938 does not relieve you of your FBAR duty. If you have a financial interest in or signature authority over an offshore account, you must report it on the FBAR whether or not Form 8938 is required.
- Some accounts appear on both forms, but the rules and definitions differ, so some accounts may appear on only one.
- Specified foreign financial assets held outside a financial institution account are reported on Form 8938 but not on the FBAR.
- The FBAR is due April 15 and is filed electronically with FinCEN. Form 8938 goes with your income tax return.
For the other side, read our guide to FBAR filing requirements.
A simple way to check your position
- Confirm whether you must file a US tax return at all. Start with the substantial presence test.
- Add up your foreign financial assets at year end and at their highest point.
- Compare with the table that matches your filing status and where you live.
- Separately, check the FBAR $10,000 test.
Frequently asked questions
Does Form 8938 apply to non-citizens?
The IRS describes it for certain US taxpayers who are individuals. Whether you are a taxpayer of that kind depends on your residency, so check the IRS guidance.
Where is the form filed?
With your annual income tax return.
Key takeaways
- Thresholds start at more than $50,000 at year end for a single person living in the US.
- Living abroad raises the thresholds to more than $200,000 for a single person at year end.
- Form 8938 and the FBAR are separate; filing one does not excuse the other.
Related guides
- FBAR filing requirements
- Foreign earned income exclusion
- The substantial presence test
- Your first 90 days in a new country
This page is general information, not tax or legal advice. Confirm your position with the IRS or a qualified adviser. Last updated: October 2026.
Sources
- IRS: Summary of FATCA Reporting for U.S. Taxpayers
- IRS: Report of Foreign Bank and Financial Accounts (FBAR)