8938 instructions-2025

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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 purpose of the form, who must file it, reporting thresholds based on marital status and residency, types of specified foreign financial assets, and penalties for non-compliance. The document also includes guidelines on valuing these assets, exceptions to reporting requirements, and specific filing procedures.

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Do I need to file 8938 if I filed FBAR?

However, its entirely possible and often necessary to file both forms. For example, if you have a foreign bank account that exceeds $10,000 and foreign stocks valued at $50,000, youll need to file FBAR for the bank account and Form 8938 for both the bank account and stocks.

Do I need to file both FBAR and 8938?

The filing of Form 8938 does not relieve you of the separate requirement to file the FBAR if you are otherwise required to do so, and vice-versa. 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.

Can the FBAR be filed separately?

Filing Requirements: Married Filing Separately If both spouses own qualifying accounts and the accounts are not jointly owned, you will each need to file a separate FBAR.

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).

What must be reported on form 8938?

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

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What happens if I have more than $100,000 in a foreign bank account?

Under the Bank Secrecy Act, U.S. taxpayers must report their overseas bank accounts and financial assets, even if those assets do not generate taxable income. You must report any account with more than $10,000, or if your combined accounts have a total value greater than $10,000.

Are bank accounts reported on 8938?

The requirement applies to U.S. taxpayers, including expats, who hold foreign bank and financial accounts with a financial interest or signature authority. To file, include Form 8938 with your tax form for the relevant tax year and report the maximum values of your certain foreign financial accounts.

What is the filing threshold for MFS 8938?

Form 8938 filing thresholds Aggregate value of all specified foreign financial assets on last day of the tax year is more than: Unmarried taxpayers living in the U.S $50,000 Married taxpayers filing a joint return and living in the U.S. $100,000 Married taxpayers filing separate returns and living in the U.S. $50,0003 more rows

8938 instructions-2025

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Do I need to file 8938 if I filed FBAR?

Do I need to file both FBAR and 8938?

Can the FBAR be filed separately?

What happens if you dont file form 8938?

What must be reported on form 8938?

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What happens if I have more than $100,000 in a foreign bank account?

Are bank accounts reported on 8938?

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