Every spring I hear some version of this: “I filed my FBAR, so I’m covered.” Sometimes that is true. Often it is not. The FBAR and Form 8938 are two separate filings, to two different agencies, with different thresholds. Many Americans abroad owe the first and not the second. Some owe both. Filing one never covers the other.
Two forms, two agencies
| Item | FBAR | Form 8938 (FATCA) |
|---|---|---|
| Form | FinCEN Form 114 | IRS Form 8938 |
| Goes to | FinCEN, filed online, free | The IRS, attached to your tax return |
| Triggered when | Foreign accounts together pass $10,000 at any point in the year | Foreign assets pass a higher threshold for your situation |
| What it covers | Foreign accounts, including ones you only sign on | Accounts, plus shares in a foreign company and interests in foreign entities |
| Due | 15 April, automatically extended to 15 October | With your return, including extensions |
The Form 8938 thresholds
If you live abroad, which means you are a bona fide resident of a foreign country or you spend at least 330 full days abroad, the thresholds are $200,000 at year-end or $300,000 at any time for a single filer, and $400,000 or $600,000 for a married couple filing jointly. If you live in the US, they are $50,000 and $75,000 for a single filer, and $100,000 and $150,000 for a couple. And if you are not required to file an income tax return, you do not file Form 8938 either. The FBAR has no such link to your return.
Three people, three answers
- A single teacher in Dubai with $60,000 across two local accounts. FBAR: yes, the accounts together are over $10,000. Form 8938: no, $60,000 is far below $200,000.
- A single consultant abroad with $250,000 in local accounts and shares in a foreign company. FBAR: yes, for the accounts. Form 8938: yes too, and it includes the shares, which the FBAR does not report.
- An American living in the US with $40,000 in an account at home in Manila. FBAR: yes. Form 8938: no, because $40,000 is under the $50,000 threshold for someone living in the US.
What I see go wrong
- Assuming Form 8938 on the return means the FBAR is done. The two go to different agencies. An account listed on one is not reported on the other.
- Forgetting joint accounts. An account you hold with your spouse is reportable by you in full on the FBAR.
- Missing assets that are not in an account. Shares in a foreign company and interests in foreign entities belong on Form 8938, not the FBAR.
- Treating the abroad thresholds and the US thresholds as the same. They are not.
What a miss costs
A non-willful FBAR violation can carry a penalty of up to $16,536 per report, and willful violations far more. Failing to file Form 8938 carries a $10,000 penalty, with further penalties if the failure continues after the IRS notifies you. Reasonable cause can reduce or remove either.
Not sure which one you owe?
Tell me what you hold and where, and I will tell you in fifteen minutes whether it is the FBAR, Form 8938, or both: jorgerivas.pro/contact. My complete FBAR guide on this site covers the FBAR in detail, and the free forms checker on my practice site ticks through your assets and shows which forms apply.
Questions I get
If I file Form 8938, do I still need the FBAR?
Yes, if the FBAR threshold is met. They go to different agencies.
Can I need an FBAR but not Form 8938?
Yes, and it is the common case.
Do I owe tax because I file these?
No. Both are information reports. Tax on the income those assets earn goes on your return in the usual way.
General information, not tax advice. Sources: 31 U.S.C. 5314 and 5321 and 31 CFR 1010.350 on the FBAR; IRC 6038D and the IRS Form 8938 instructions; IRS, Comparison of Form 8938 and FBAR requirements. Checked 8 November 2026.