Form detail
IRS Form 8938
Statement of Specified Foreign Financial Assets
Country
United States
Revision year
2024
Methods
paper, efile
Updated
2026-05-20
Statement of Specified Foreign Financial Assets
Reports specified foreign financial assets above filing thresholds.
Who must file: Specified individuals and specified domestic entities holding foreign financial assets above the applicable threshold.
Practical overview
Form 8938 implements FATCA at the individual level. Thresholds vary by filing status and residence: $50,000/$75,000 for single U.S.-resident filers, $100,000/$150,000 for joint U.S.-resident filers, with higher thresholds for taxpayers living abroad. It overlaps with but is separate from FBAR (FinCEN 114); many filers must do both. Penalties are severe.
Practical steps
- Identify all foreign financial accounts and other specified foreign financial assets.
- Compute aggregate value at year-end and highest amount during the year.
- Compare against the applicable threshold based on filing status and residence.
- File Form 8938 with Form 1040 if threshold is exceeded.
- Also evaluate FBAR (FinCEN 114) obligation separately.
Due-date notes
Attached to Form 1040 by April 15.
Timing: return-due-date
Extension reference: Form 4868
Penalty snapshot
$10,000 base penalty for failure to disclose; up to $50,000 for continued failures after IRS notice; 40 percent accuracy-related penalty on underpayments related to undisclosed assets.
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
Primary sources
- About Form 8938Verified 2026-05-20
- Instructions for Form 8938Verified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.