for e-filing

Form 8938

Form 8938, officially named the Statement of Specified Foreign Financial Assets, is used by expats to report financial assets held abroad to the IRS.

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Mandatory for

If you're a U.S. taxpayer abroad with foreign assets valued over $300,000 (or $200,000 at year-end), you need to report it on Form 8938.


Failing to file Form 8938, when required, could result in a $10,000 fine (with a possible penalty of up to $50,000 for continued non-compliance after IRS notification).

Due date

The form is affixed to your yearly return and should be submitted by the expat tax filing deadline, considering any relevant extensions.

What is Form 8938?

if you're a U.S. taxpayer residing abroad and have foreign assets exceeding $300,000 (or $200,000 at year-end), you must report them on Form 8938.

For joint returns, the thresholds are $600,000 (anytime) or $400,000 (year-end).

The inkle pricing for

Form 8938





once annually




Summary of US BEA Deadlines


May 31, 2023
June 30, 2023 for eFile
Within 45 days of acquisition


Which foreign assets should be reported on Form 8938?

Form 8938 includes various foreign financial assets like bank accounts, investments, foreign entity ownership, etc. For a complete list of reportable assets, refer to IRS instructions.

What is the difference between Form Form 8938 and FBAR?

You may need one, the other, or both. FBAR is filed with the Financial Crimes Enforcement Network (and is based on calendar year), whereas Form 8938 goes to the IRS as part of your federal tax filing (and is based on your chosen tax year). FBAR is judged based on foreign balances controlled by your US entity's foreign accounts or its controlled entities foreign accounts, whereas Form 8938 is judged based on a threshold of specified passive income. See here for more details:

How do I know if I meet Form 8938 reporting thresholds?

Consider your residency status (U.S. or abroad) and the value of foreign financial assets on the last day of the tax year and at any time during the year. If thresholds are exceeded, file Form 8938.

Do I need to file Form 8938 if I already report foreign assets on other forms like FBAR (FinCEN Form 114)?

Yes, both Form 8938 and FBAR might be necessary since they serve different purposes and have separate reporting thresholds. While FBAR has its requirements, Form 8938 is part of your annual tax return and may need to be filed, even if you're already submitting FBAR.

Learn how to use Form 8938, the Statement of Specified Foreign Financial Assets, for expat tax compliance. Requirements for reporting assets abroad.

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