8938 instructions-2026

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The document provides detailed instructions for Form 8938, which is used by specified individuals and domestic entities to report specified foreign financial assets to the IRS. It outlines the reporting thresholds based on marital status and residency, the types of assets that must be reported, and the filing requirements. The form has transitioned to continuous use, meaning it will be updated as necessary rather than annually. Additionally, it discusses penalties for non-compliance and exceptions for duplicative reporting on other forms.

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Click ‘Get Form’ to open the 8938 instructions in the editor.
Begin by reviewing the purpose of Form 8938, which is to report specified foreign financial assets exceeding certain thresholds. Familiarize yourself with the reporting thresholds based on your filing status.
Fill in your identifying information at the top of the form, including your name and taxpayer identification number (TIN). Ensure accuracy as this information is crucial for processing.
In Part I, summarize your foreign deposit and custodial accounts. Report the maximum value of these accounts during the tax year and indicate if any were closed.
Proceed to Part II to summarize other foreign assets not held in a financial account. Provide details such as descriptions and maximum values for each asset.
Complete Part III by entering tax items attributable to your specified foreign financial assets, ensuring all income types are reported accurately.
Finally, review all entries for completeness and accuracy before submitting your form along with your annual return.

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Versions	Form popularity	Fillable & printable
2021	4.8 Satisfied (251 Votes)
2020	4.4 Satisfied (127 Votes)
2019	4.2 Satisfied (89 Votes)
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2015	4.4 Satisfied (571 Votes)
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What happens if you dont file form 8938?

Failure to report foreign financial assets on Form 8938 may result in a penalty of $10,000 (and a penalty up to $50,000 for continued failure after IRS notification).

Do I need to file FBAR if less than $10,000?

A person required to file an FBAR must report all of his or her foreign financial accounts, including any accounts with balances under $10,000.

Do I need to file both FBAR and 8938?

Depending on your situation, you may be required to file Form 8938 or the FBAR or both forms, and certain foreign accounts may be required to be reported on both forms.

What needs to be reported on 8938?

Form 8938 requires that the filer report information about foreign accounts and assets, including: The account number. The name and address of the financial institution that maintains the account. The highest value in the account during the year. The joint account owners name, if applicable.

Can I file FBAR separately?

The FBAR can be filed separately if: Only one spouse owns qualifying foreign financial accounts, brokerage accounts, or retirement accounts. The other spouse has no authority over those accounts.

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What is the threshold for fatca 8938?

Reporting thresholds If you are single or file separately from your spouse, you must submit a Form 8938 if you have more than $200,000 of specified foreign financial assets at the end of the year and you live abroad; or more than $50,000, if you live in the United States.