Nomadic.Tax
JURISDICTION/US AUTHORITY/IRS TAX YEAR/2025 CLUSTER/US

FATCA Filing — Form 8938

Form 8938, filed under FATCA (Foreign Account Tax Compliance Act), is a separate and distinct requirement from FBAR. It applies when your specified foreign financial assets exceed certain thresholds — $200,000 at year-end (or $300,000 at any point) for single filers living abroad. The penalties for non-filing start at $10,000 and can escalate to $50,000. Form 8938 is filed with your tax return, unlike FBAR which is filed separately.

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APPLICABILITY/WHO THIS IS FOR

Who this is for

✓ US citizens or green card holders abroad with foreign financial assets exceeding $200,000
✓ Americans with foreign bank accounts, investment accounts, foreign pensions, or interests in foreign entities
✓ Expats in high-net-worth situations with multiple foreign accounts or investment portfolios
✓ Those who previously filed FBAR but are unsure whether Form 8938 also applies
FILING RECORD/FORMS THAT MAY APPLY

What this filing may involve

Every situation is different. The forms below commonly apply — your specific filing may vary.

Form 8938 — Statement of Specified Foreign Financial Assets (filed with Form 1040)
FinCEN Form 114 — FBAR) — separate requirement with lower threshold ($10,000)
Form 1116 — Foreign Tax Credit on income generated by reported foreign assets
Form 1040 — incorporating all required disclosures
DOCUMENTS/INFORMATION REQUIRED

Documents usually needed

■ Account statements for all foreign financial accounts
■ Details of foreign investment accounts, pension funds, and insurance with investment components
■ Interests in foreign entities (corporations, partnerships, trusts)
■ Maximum values during the year and year-end values for all reportable assets
PROCESS/RETURN ASSEMBLY

How Nomadic.Tax works

AI-assisted preparation with licensed professional review — every time.

1
INFORMATION
We assess whether your foreign assets exceed the applicable Form 8938 thresholds
2
DOCUMENTS
All specified foreign financial assets are catalogued and reported on Form 8938
3
AI PREPARATION
We coordinate Form 8938 filing with your FBAR to ensure both requirements are met
4
PROFESSIONAL REVIEW / E-FILE
A licensed CPA reviews the complete disclosure package before filing
PROFESSIONAL REVIEW/CPA / ACCOUNTANT SIGN-OFF

When human review matters

ⓘ Form 8938 and FBAR overlap but are not identical — some assets reportable on one may not be reportable on the other
ⓘ Foreign pension plans may require Form 8938 reporting even if contributions are made by an employer
ⓘ PFIC (passive foreign investment company) assets may require additional Forms 8621
Authority Guide

Independent research and educational guidance from the Nomadic Tax Institute.

FATCA Form 8938 Guide — Foreign Asset Reporting →

Relevant plans

Choose the package that best fits your situation, or view all plans.

Most popular

Expat
$499
For Americans living abroad — FEIE, foreign tax credits and FBAR included.
  • ✓Everything in Premier
  • ✓Foreign Earned Income Exclusion (Form 2555)
  • ✓Foreign Tax Credit (Form 1116)
  • ✓FBAR filing (FinCEN 114) included
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Investor
$599
For expat investors and landlords with income on top of work or business.
  • ✓Everything in Expat
  • ✓Schedules D & E for investments and rentals
  • ✓Foreign asset reporting (Form 8938)
  • ✓FBAR filing (FinCEN 114) included
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REFERENCE/COMMON QUESTIONS

Frequently asked questions about FATCA Filing — Form 8938

What are the Form 8938 filing thresholds for expats?

For US persons living abroad: $200,000 at year-end or $300,000 at any point during the year (single filers). For married filing jointly: $400,000 at year-end or $600,000 at any point. These thresholds are higher than for US residents.

What is the difference between FBAR and Form 8938?

FBAR (FinCEN 114) covers foreign financial accounts (bank accounts, brokerage accounts) with an aggregate threshold of $10,000. Form 8938 covers specified foreign financial assets (which include accounts but also interests in foreign entities and foreign contracts) with higher thresholds. Both may apply — filing one doesn't satisfy the other.

What are the penalties for not filing Form 8938?

The initial penalty is $10,000 per return. If not corrected after IRS notice, an additional $10,000 per 30 days (up to $50,000) applies. Additionally, the statute of limitations on the entire tax return is extended to 6 years when Form 8938 should have been filed.

Who is this for?

Browse by your situation for tailored guidance and the right package.

US Expats Abroad Americans with foreign financial assets above the FATCA reporting thresholds. See who this is for → US Business Owners Abroad Expat business owners holding foreign interests that trigger Form 8938. See who this is for →

Related filing services

FBAR Filing — FinCEN Form 114 → View filing service US Expat Tax Filing → View filing service Form 8621 PFIC Filing → View filing service Form 5471 Foreign Corporation → View filing service All US Tax Filing Services → View filing service See All Pricing & Plans → View pricing & packages

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