Form 8938, the Statement of Specified Foreign Financial Assets, is the FATCA form you attach to your US tax return when your foreign accounts and investments are worth more than a set threshold. As of October 2026, the lowest threshold for a single person living in the US is more than $50,000 on the last day of the year or more than $75,000 at any time, and missing the form can cost $10,000.
It's often confused with the FBAR, and many people need both. Form 8938 goes to the IRS with your return; the FBAR goes to FinCEN on its own. Facts below come from the IRS instructions for Form 8938.
The thresholds
| Your situation | Last day of the year: more than | At any time in the year: more than |
|---|---|---|
| Unmarried, living in the US | $50,000 | $75,000 |
| Married filing jointly, living in the US | $100,000 | $150,000 |
| Married filing separately, living in the US | $50,000 | $75,000 |
| Unmarried, living abroad | $200,000 | $300,000 |
| Married filing jointly, living abroad | $400,000 | $600,000 |
These are the thresholds in the instructions as of October 2026. You only need to meet one of the two tests in your row. Living abroad means your tax home is in a foreign country and you meet one of the IRS's presence tests.
It isn't only people. Certain US corporations, partnerships and trusts formed or used to hold foreign financial assets (specified domestic entities) must file once those assets top $50,000 on the last day of the year or $75,000 at any time.
The rule that saves some people the trouble
If you don't have to file an income tax return for the year, you don't have to file Form 8938, even if your foreign assets are over the threshold. And when you do file it, you report every specified foreign financial asset you have an interest in, even ones that don't affect your tax bill.
What counts as a specified foreign financial asset
- Financial accounts held at a foreign financial institution
- Stock issued by a foreign corporation, held for investment outside an account
- A capital or profits interest in a foreign partnership
- Notes, bonds or other debt issued by a foreign person
- Interests in other foreign financial instruments or contracts held for investment
Form 8938 vs FBAR
| Form 8938 | FBAR (FinCEN Form 114) | |
|---|---|---|
| Filed with | The IRS, attached to your tax return | FinCEN, separately |
| Covers | Specified foreign financial assets, including some held outside accounts | Foreign financial accounts |
| Lowest US threshold | More than $50,000 at year end or $75,000 at any time | See the FBAR guide |
The IRS is clear that filing Form 8938 doesn't replace the FBAR if you're also required to file one.
Penalties
- $10,000 for not filing a complete and correct Form 8938 by the due date, including extensions.
- A further $10,000 for each 30-day period (or part of one) you stay unfiled after 90 days from the IRS's notice, up to a maximum additional $50,000.
- A 40% accuracy-related penalty on any underpayment tied to an undisclosed specified foreign financial asset.
- No penalty if you can show reasonable cause, though the instructions say foreign laws that penalise disclosure don't count as reasonable cause.
Two more rules make this worse for couples and for anyone who goes quiet. If you file jointly, the penalties apply as if you and your spouse were one person, and you're both liable for all of them. And if the IRS asks you for the value of a foreign asset and you don't give it enough information, you're presumed to hold assets above your threshold, which puts you squarely in line for the failure-to-file penalties.
Those are the amounts in the instructions as of October 2026.
You don't report the same asset twice
If you report an asset on certain other forms you file on time for the same year, you leave it off Form 8938 and simply note which forms you filed, and how many, in Part IV. The forms are Form 3520 (foreign trusts and gifts), Form 5471 (foreign corporations), Form 8621 (passive foreign investment companies) and Form 8865 (foreign partnerships).
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The time limit problem
Missing Form 8938 doesn't just mean a penalty. If you fail to file it, or leave out an asset you should have reported, the statute of limitations for that year may stay open until 3 years after you finally file the form. And if you leave out more than $5,000 of income connected to a foreign asset, the IRS can assess tax for that year at any time within 6 years after you filed the return.
How to file
- Add up the maximum value of each asset during the year, converting to US dollars as the instructions describe.
- Check your row in the threshold table, using both the year-end and any-time tests.
- Complete Form 8938 and attach it to your annual return by the due date, including extensions. An extension with Form 4868 covers it too.
- If you also own a foreign company, check whether forms like Form 5472 apply.
Married couples filing jointly file one combined Form 8938. The instructions give a worked example: a couple jointly own a foreign asset worth $90,000, one spouse has a separate $10,000 asset and the other a separate $1,000 asset. Their total of $101,000 is over the $100,000 year-end threshold, so they file.
The verdict
If you're a US taxpayer with savings, shares or a pension abroad, run the threshold test every year and assume you may need both Form 8938 and the FBAR. The $10,000 penalty is steep for a form that takes an afternoon. Keep a note of each account's highest balance as you go, because that's the figure the form asks for.
Frequently asked questions
What is the Form 8938 threshold for a single person?
As of October 2026, living in the US, it's more than $50,000 on the last day of the year or more than $75,000 at any time.
Do I need Form 8938 and an FBAR?
Possibly both. Filing Form 8938 doesn't relieve you of the FBAR if you're required to file it.
What's the penalty for not filing Form 8938?
$10,000, plus up to $50,000 more if you don't file within 90 days of an IRS notice, as of October 2026.
Do I file Form 8938 if I don't file a tax return?
No. If you aren't required to file an income tax return, you don't file Form 8938.
