Form 8938 has its own, much higher reporting thresholds than the FBAR — and they vary by both filing status and whether you live in the U.S. or abroad.
How it works
Comparing your year-end and highest-any-time foreign asset totals against the threshold pair for your specific filing situation shows whether Form 8938 is required — crossing either threshold triggers the filing obligation.
What this does not include
This does not include the broader definition of “specified foreign financial assets” Form 8938 covers beyond bank accounts — foreign stock, foreign partnership interests, and foreign-issued life insurance with cash value can all count toward the total.
How to use this calculator
- Enter your year-end and highest any-time foreign asset totals, then select your filing situation.
Frequently asked questions
Do I need to file both FBAR and Form 8938?
Possibly both — they have different thresholds, different forms, and cover somewhat different asset types, so many filers with substantial foreign holdings end up filing both.
Why are the thresholds so much higher for those living abroad?
Congress recognized that Americans living overseas naturally hold more of their financial life abroad as a routine matter of daily living, not necessarily for tax avoidance.
What happens if I don’t file when required?
Form 8938 carries its own penalty structure, starting at $10,000 and potentially increasing substantially for continued non-filing after IRS notice.
