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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →If you are a U.S. person with a bank account, investment account, ownership interest or signing authority outside the United States, you may be asking the IRS’s own question: “Is that something that affects me, and is there something that I should do?” The short answer is that FBAR and FATCA/Form 8938 are separate reporting systems. Depending on your accounts, other foreign assets, highest balances, residence and tax-filing status, you may need to file one, both or neither.
Use the decision guide below as a general explanation, not a personal filing determination. The result depends on the reporting year, how an asset is held, whether you had a financial interest or authority, and the detailed exceptions in the current IRS and FinCEN instructions.
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The essential difference between FBAR and Form 8938
FBAR is the common name for FinCEN Form 114, Report of Foreign Bank and Financial Accounts. It is a financial-account report submitted electronically to the Financial Crimes Enforcement Network (FinCEN), not to the IRS with your income-tax return. The general individual threshold is based on the combined maximum value of qualifying foreign financial accounts: more than $10,000 at any time during the calendar year, together with a financial-interest or signature/other-authority test.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsForm 8938 is the individual reporting form associated with FATCA (the Foreign Account Tax Compliance Act). You attach it to the applicable annual federal income-tax return and file it with the IRS. Its scope is different and can include specified foreign financial assets beyond ordinary foreign accounts. Its dollar thresholds change with residence and filing status and use both year-end and during-the-year values.
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The systems can overlap. A person can satisfy both sets of tests, and filing Form 8938 does not replace an FBAR that is otherwise required. The IRS says in the Form 8938 instructions: “Filing Form 8938 does not relieve you of the requirement to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), if you are otherwise required to file the FBAR.”
Quick decision framework
- List what you held or controlled. Separate foreign financial accounts from other specified foreign financial assets. Record whether each item was owned, jointly held, held through an entity or trust, or merely subject to your signature or other authority.
- Calculate the relevant maximum values. For FBAR, combine the maximum values of reportable foreign financial accounts at any point in the calendar year. For Form 8938, determine the value on the last day of the tax year and the highest value during that year under the applicable instructions.
- Identify your status. Determine whether you are a U.S. resident or qualify as living abroad, and whether your federal return is joint, unmarried or married filing separately.
- Apply each test independently. Passing one test does not answer the other. An account can be relevant to both forms, while an asset may be within Form 8938’s specified-asset rules without being an FBAR account.
- File through the correct channel and by the correct deadline. Form 8938 travels with your annual return; FBAR is filed through FinCEN’s BSA E-Filing System.
If ownership, authority, valuation or residence is complicated, an international tax preparer or professional offering FBAR filing assistance can help map the facts to the current-year instructions.
What FBAR (FinCEN Form 114) reports
The $10,000 aggregate maximum-value test
Under the general FBAR test, the combined maximum value of your qualifying foreign financial accounts must exceed $10,000 at any time during the calendar year. This is an aggregate threshold, not a $10,000 allowance for each account. A lower balance at year-end does not eliminate a filing requirement if the combined value crossed the threshold earlier in the year.
The $10,000 figure is a reporting threshold in the current FinCEN filing instructions, not a statistic about how many people file. Use the year’s FBAR Line Item Filing Instructions for the reporting year and its valuation and currency-conversion directions.
Financial interest, signature authority and other authority
The value test is only one part of the analysis. FBAR generally applies when a U.S. person has a financial interest in a foreign financial account or signature/other authority over it. That means a person who can direct transactions may need to examine FBAR even when the account is not titled solely in that person’s name.
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Ownership and authority questions become fact-specific when an account is joint, held for another person, connected with an employer, or controlled through a legal entity or arrangement. Do not assume that lack of personal income from an account makes it irrelevant; the general FBAR test is not limited to interest-bearing or income-producing accounts. The current FinCEN instructions describe the categories, exceptions and account-value method that control for a particular year.
Where and how FBAR is filed
FBAR is FinCEN Form 114. It is filed electronically through FinCEN’s BSA E-Filing System. It is not mailed to the IRS and should not be sent as an attachment to your income-tax return. FinCEN’s filing overview is available at How Do I File the FBAR?.
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FBAR deadline
FBAR generally has an April 15 due date and an automatic extension to October 15. Calendar dates and special extensions can change for a particular reporting year, so verify them in the current FinCEN instructions before filing. The FBAR deadline is separate from the due date of the tax return to which Form 8938 is attached.
What FATCA Form 8938 reports
Specified foreign financial assets, not just bank accounts
Form 8938 uses a specified-person, specified-asset and threshold framework. The specified-asset category can include foreign financial accounts and certain interests in foreign entities or financial instruments. Its coverage is therefore not identical to FBAR’s account-centered system.
“Foreign asset” is not a sufficient legal description by itself. Whether an item is a specified foreign financial asset depends on the detailed Form 8938 rules, how the interest is held and any applicable exception. Do not infer that every property, account or investment outside the United States belongs on Form 8938, and do not infer that an item outside FBAR’s account categories is automatically excluded from Form 8938.
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Thresholds depend on residence and filing status
The IRS uses two measurements for individuals: the value on the last day of the tax year and the highest value at any time during the year. The thresholds below are “more than” amounts. Crossing either the year-end or during-the-year amount can trigger the form for the listed category, subject to the complete instructions.
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| Individual category | More than this value on the last day of the tax year | More than this value at any time during the year |
|---|---|---|
| Unmarried individual living in the United States | $50,000 | $75,000 |
| Qualifying married joint filers living in the United States | $100,000 | $150,000 |
| Unmarried or married-filing-separately individual who qualifies as living abroad | $200,000 | $300,000 |
| Qualifying married joint filers living abroad | $400,000 | $600,000 |
These examples come from the IRS Instructions for Form 8938. “Living abroad” is a qualification under the IRS rules, not simply a label for having a foreign address. Residence, filing status and the year’s facts must be tested under the current instructions.
Form 8938 filing destination and deadline
Form 8938 is attached to the relevant annual federal income-tax return and filed with the IRS. Its due date, including an extension, follows the due date of that return. An extension of the income-tax return generally extends the Form 8938 filing deadline as well, but it does not turn Form 8938 into an FBAR or change the separate FinCEN process.
How the two forms overlap—and where they do not
One account can appear on both forms
Suppose a U.S. resident has a foreign savings account and a foreign brokerage account, and the combined maximum value exceeds $10,000 during the calendar year. The accounts may satisfy the FBAR value test if the person has the required financial interest or authority. If the person’s specified foreign assets also exceed the applicable Form 8938 threshold, the same underlying accounts may need to be disclosed on Form 8938 as well.
Reporting the accounts on Form 8938 does not remove the FBAR obligation. Conversely, filing an FBAR does not satisfy a Form 8938 requirement attached to a tax return. Treat the forms as parallel reports with different definitions, thresholds and filing systems.
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An asset can be relevant to Form 8938 without being an FBAR account
Form 8938’s specified-asset rules can reach certain investment-held interests in foreign entities and financial instruments. FBAR, by contrast, centers on foreign financial accounts. An interest in a foreign entity therefore requires a Form 8938 analysis even when there is no corresponding FBAR account, while the detailed facts determine whether any account connected with that interest is separately reportable.
Neither form is a general foreign-property inventory
The forms do not require every item located outside the United States. The account type, legal ownership, authority, valuation, residence and exceptions matter. Personal-use property and other assets may fall outside one or both systems, while an account with no taxable income can still be reportable under the applicable information-reporting rules.
Comparison table: FBAR versus FATCA Form 8938
| Question | FBAR (FinCEN Form 114) | FATCA Form 8938 |
|---|---|---|
| Primary purpose | Report qualifying foreign financial accounts connected with a U.S. person’s financial interest or signature/other authority. | Report specified foreign financial assets of a specified person when the applicable value thresholds are exceeded. |
| General value test | More than $10,000 in combined maximum account value at any time during the calendar year. | Thresholds use year-end and during-the-year values; amounts vary by residence and filing status. |
| Typical scope | Foreign financial accounts. | Foreign financial accounts plus certain other specified foreign financial assets under detailed rules. |
| Filed with | FinCEN. | IRS, attached to the applicable annual return. |
| Electronic channel | FinCEN’s BSA E-Filing System. | The filing method used for the annual federal return. |
| General deadline | April 15, with an automatic extension to October 15; verify the current year. | The due date, including extensions, of the applicable annual return. |
| Does filing the other form substitute? | No. Form 8938 does not replace an otherwise-required FBAR. | No. An FBAR does not replace Form 8938 when its tests are met. |
Worked examples using the thresholds
Example 1: The account total crosses $10,000 but not the Form 8938 threshold
An unmarried U.S. resident has two foreign accounts. Their combined maximum value during the calendar year is $12,000, and the person has the required financial interest or authority. The $10,000 FBAR threshold is exceeded, so the person must analyze and generally file an FBAR unless a specific exception applies. If the person’s total specified foreign assets remain at or below $50,000 on December 31 and at or below $75,000 throughout the year, the individual thresholds shown above are not crossed on those facts. That result does not turn the FBAR into a tax-return attachment.
Example 2: Form 8938 applies even though the FBAR total does not
An unmarried U.S. resident owns specified foreign assets valued at $60,000 on the last day of the tax year. No combination of reportable foreign financial accounts exceeds $10,000 at any time during the calendar year. The year-end value is more than the $50,000 Form 8938 threshold for this category, so Form 8938 must be considered even though the general FBAR value threshold was not crossed. The asset classification and any exception still need to be checked.
Example 3: A joint filer living abroad has higher Form 8938 thresholds
Qualifying married joint filers living abroad use the $400,000 year-end and $600,000 during-the-year examples in the IRS instructions. Those amounts do not change the separate FBAR $10,000 aggregate account test. A couple can therefore be below the Form 8938 thresholds while still exceeding the FBAR threshold, or exceed both.
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Residence, filing status and valuation details that change the result
Residence is a rule-based category
The IRS distinguishes U.S. residents from taxpayers who qualify as living abroad. A foreign mailing address, temporary travel or citizenship alone does not establish the category for Form 8938. Review the current IRS definitions and the filing-status rules for the year at issue.
Joint, unmarried and separate returns are not interchangeable
Form 8938 thresholds are expressly different for qualifying married joint filers and for unmarried or married-filing-separately individuals. A change in marital status, a separate return or a joint-return election can change the applicable threshold. Apply the category that matches the actual federal return rather than selecting the most favorable number.
Maximum value and currency conversion
FBAR uses the maximum value during the calendar year, while Form 8938 asks for year-end and highest values under its own instructions. Foreign-currency balances must be converted using the method required for the relevant form and year. Keep statements or other records showing how the maximum and year-end figures were determined, especially when balances moved sharply or multiple currencies were involved.
A practical filing workflow
- Set the reporting year. Download the current Form 8938 instructions and the current FinCEN FBAR instructions. Do not rely on a threshold or deadline copied from a different year.
- Build an account and asset inventory. For every foreign item, note the institution or issuer, country, account or asset type, owner, co-owner, beneficiary or controlling person, and whether you could sign for or otherwise direct the account.
- Capture peak and year-end values. Obtain statements or transaction records. Calculate the combined FBAR maximum and the Form 8938 year-end and annual maximum values using the prescribed currency conversion.
- Classify the items separately. Mark which items are foreign financial accounts for FBAR purposes and which may be specified foreign financial assets for Form 8938. Do not assume that one classification automatically controls the other.
- Apply the FBAR tests. Ask whether the aggregate account maximum exceeded $10,000 at any time and whether you had a financial interest or signature/other authority, then check the exceptions.
- Apply the Form 8938 tests. Confirm that you are a specified person, identify specified assets, select the correct residence and filing-status category, and compare both valuation points with the applicable “more than” thresholds.
- Prepare the reports in different systems. Attach Form 8938 to the annual federal return. Submit FBAR electronically through FinCEN’s BSA E-Filing System.
- Retain supporting records. Keep account statements, ownership documents, authority records, exchange-rate calculations and filed copies according to your tax-record retention practice.
Common mistakes and how to avoid them
- Sending FBAR to the IRS with the tax return. FBAR goes electronically to FinCEN; Form 8938 accompanies the annual return filed with the IRS.
- Treating $10,000 as a per-account limit. The general FBAR test aggregates qualifying foreign-account maximum values.
- Using the U.S.-resident Form 8938 threshold while living abroad. The IRS provides higher thresholds for qualifying taxpayers abroad, but qualification must be established under its rules.
- Checking only December 31 balances. FBAR looks at the maximum during the calendar year, and Form 8938 also has an during-the-year test.
- Assuming no interest or dividends means no report. The general tests concern accounts, assets, ownership and authority, not merely whether the account produced income.
- Assuming every foreign asset belongs on both forms. The forms have different scope; classify the item under each form’s definitions.
- Confusing individual Form 8938 filing with FATCA reporting by foreign financial institutions. This comparison concerns a U.S. person’s Form 8938 obligation. A bank’s separate FATCA duties do not answer whether you must file.
- Ignoring joint, entity or trust arrangements. Ownership and authority exceptions can be technical. Obtain current professional guidance when the account is not held simply in your own name.
- Relying on an old deadline. Confirm the reporting-year due dates and any special extensions in the current IRS and FinCEN guidance.
When professional help is sensible
Consider an international tax preparer or other qualified professional when you have signature authority without ownership, jointly held or inherited accounts, interests held through a company or trust, several currencies, large transfers during the year, a move into or out of the United States, or uncertainty about whether you qualify as living abroad. These facts can affect both classification and exceptions even when the balances seem straightforward.
Professional assistance does not replace your records. Give the preparer complete statements, account-opening documents, ownership agreements, authority descriptions, exchange-rate calculations and copies of prior filings. Ask specifically whether both FinCEN Form 114 and Form 8938 were considered, rather than assuming one filing covers the other.
Official guidance to check before filing
- IRS Instructions for Form 8938 — definitions, thresholds, valuation, exceptions and filing directions.
- IRS: U.S. citizens and residents abroad—Filing requirements — information for taxpayers who may qualify as living abroad.
- FinCEN FBAR Line Item Filing Instructions — account reporting fields, maximum values and filing details.
- FinCEN: How Do I File the FBAR? — electronic BSA E-Filing information.
- IRS: Basic questions and answers on Form 8938 — general Form 8938 explanations.
Those pages should be checked for the specific reporting year, because thresholds, exceptions, currency rules and special deadlines can depend on facts not captured in a short comparison.
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