FBAR Direct prepares and files your FBAR (FinCEN Form 114) on your behalf. You are responsible for reviewing all information for accuracy before submission to FinCEN. This article is for informational purposes only and does not constitute tax, legal, or financial advice.

File Both FBAR and Form 8938: When and Why You Need Each

If you hold foreign financial accounts and other foreign assets, you may need to file both FBAR and Form 8938. These two forms serve different agencies, cover different asset types, and use different thresholds. Many taxpayers assume one form replaces the other form, but it does not. You could owe the FBAR to FinCEN, Form 8938 to the IRS, or both forms depending on what you hold abroad and how much it totals. You must review each form and its requirements independently. Many taxpayers file one form but skip the other — a costly mistake under tax law. These forms go to different agencies, so filing one does not help with the other.

This guide explains when you need to file both the FBAR and Form 8938, which assets go on which form, and how to avoid penalties FBAR filers and Form 8938 filers face for noncompliance. Additionally, you will learn the Form 8938 Statement of Specified Foreign Financial Assets thresholds and how they differ from FBAR rules. For a broader comparison, see FBAR vs. FATCA Form 8938 differences.

What Is the FBAR and How Do You File It?

The FBAR is the Report of Foreign Bank and Financial Accounts — also known as FBAR Form 114 or FBAR FinCEN Form 114. You file the FBAR through the BSA E-Filing system to FinCEN under 31 USC 5314. You do not attach the FBAR to your income tax return.

Instead, you submit the FBAR FinCEN Form through the BSA filing system the FBAR uses. FinCEN requires every US person to report foreign financial accounts when the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. This threshold applies regardless of your filing status.

The FBAR covers foreign bank accounts, brokerage accounts, mutual funds and other pooled investment accounts, and any account at a foreign financial institution where you hold a financial interest or signature authority over foreign accounts. You report the maximum value of each account and convert it to dollars using the Treasury exchange rate for the last day of the tax year. FBAR reporting applies whether or not the account produces taxable income. For a detailed overview, see our FBAR first-time filer guide.

What Is IRS Form 8938 and What Does It Cover?

IRS Form 8938 — the Form 8938 Statement of Specified Foreign Financial Assets — falls under 26 USC 6038D as part of the Foreign Account Tax Compliance Act (FATCA). You attach the Form Statement of Specified Foreign Financial Assets to your federal income tax return and submit it to the IRS. Unlike the FBAR, you file this form with your tax return.

Form 8938 applies to specified individuals and specified domestic entities that hold specified foreign financial assets above certain thresholds. Specifically, the form covers a broader category than the FBAR. Form 8938 includes assets not captured by the FBAR, but this form does not replace the FBAR or satisfy your FBAR filing requirements. The form includes — but the FBAR does not — foreign stocks held directly, interests in foreign partnerships and trusts, foreign-issued insurance contracts, and other foreign financial instruments not held in an account. You must file Form 8938 if your specified foreign financial assets exceed the reporting threshold for your filing status. You file the form the same way you file your return — by attaching it to your 1040. For a complete threshold breakdown, see FBAR vs. FATCA filing thresholds compared.

How Do FBAR and Form 8938 Thresholds Differ?

The FBAR and Form 8938 thresholds differ in amount, structure, and who they apply to. The FBAR threshold is a flat $10,000 in aggregate value at any time during the calendar year for all US persons. Form 8938 thresholds vary by filing status and where you live — starting at $50,000 for single filers in the US.

In contrast, Form 8938 thresholds depend on where you live and whether you file as married filing jointly or single:

Filing Status	Living in the US	Living Abroad
Single or married filing separately	Total value of foreign assets exceeds $50,000 on the last day of the tax year, or $75,000 at any point during the year	$200,000 on the last day of the tax year, or $300,000 at any time during the year
Married filing jointly	$100,000 on the last day of the tax year, or $150,000 at any point during the year	$400,000 on the last day of the tax year, or $600,000 at any time during the year

Many taxpayers living abroad who file as married filing jointly meet the FBAR threshold but not the Form 8938 threshold for taxpayers abroad. You should file Form 8938 if your total value of foreign assets exceeds the threshold for your filing status. The FBAR and Form 8938 are both required when you cross both thresholds. Therefore, always check both sets of rules before filing.

Which Assets Go on Which Form When You File Both FBAR and Form 8938?

Each form covers overlapping and distinct asset types. The FBAR and Form 8938 both require reporting of foreign financial accounts and reporting of specified foreign financial assets, but each form also covers assets the other does not.

Assets reported on both forms: You must report foreign bank accounts and brokerage accounts on both the FBAR and Form 8938 when you meet both thresholds. For example, a foreign savings account worth $60,000 goes on both forms — the account exceeds $10,000 for FBAR purposes and $50,000 for single filers in the US.

FBAR-only assets: Accounts where you hold signature authority but no financial interest — such as a corporate account and its associated balances at a foreign bank — go on the FBAR but not Form 8938 unless you own the entity. Accounts that exceed $10,000 in aggregate but fall below Form 8938 thresholds also require FBAR-only filing. The FBAR goes to FinCEN through the BSA filing system separately.

Form 8938-only assets: These specified foreign financial assets under 26 USC 6038D do not sit in an account at a financial institution. You report them on Form 8938 but not the FBAR. Reporting these assets on the form in no way satisfies your FBAR obligation:

Foreign stock certificates held directly (not in a brokerage account)
Interests in foreign corporations, partnerships, and trusts held outside brokerage accounts
Foreign-issued life insurance or annuity contracts not held in an account
Foreign hedge fund interests and other offshore foreign investments
Foreign bonds held directly, not through an account

How Do You Determine Which Form Applies to Your Accounts?

You determine which form applies by comparing your foreign accounts and assets against each threshold separately. Follow these steps to decide whether you need to file an FBAR, Form 8938, or both:

List every foreign financial account — bank accounts, brokerage accounts, mutual funds and any account at a foreign financial institution
Add up the maximum value of all foreign accounts at any time during the calendar year
If the aggregate value exceeds $10,000, you must file an FBAR to FinCEN through the BSA filing system
Calculate the total value of all specified foreign financial assets — accounts plus non-account assets like foreign stocks and partnership interests
If that total exceeds the Form 8938 threshold for your filing status, you must also file Form 8938 with your federal income tax return to the IRS

Foreign bank accounts and brokerage accounts go on both forms when you cross both thresholds. Non-account assets appear only on Form 8938. The FBAR and Form both carry independent obligations, and the FBAR and form are each enforced by separate agencies.

What Do Real-World Filing Scenarios Look Like?

Scenario 1: Sarah — FBAR Only

Sarah is single and lives in the US. She holds one foreign bank account in Canada worth $18,000 at its peak during the calendar year. The total value of her foreign assets on the last day of the tax year is $14,000.

FBAR: Required. The account exceeded $10,000 at any time during the year, and she must file an FBAR.
Form 8938: Not required. Her total value never exceeded $50,000 on the last day or $75,000 at any time during the year.

Sarah must file an FBAR only. See our FBAR first-time filer guide.

Scenario 2: James — Both Forms

James is single and lives in the US. He holds a UK bank account worth $35,000 and a foreign brokerage account in London worth $55,000. His total foreign financial assets come to $90,000.

FBAR: Required. His accounts exceed $10,000 in aggregate at any time during the calendar year.
Form 8938: Required. His total value exceeds $50,000 on the last day of the tax year.

James must file both FBAR and Form 8938. He files the FBAR through the BSA filing system. The FBAR FinCEN Form 114 goes to FinCEN, and Form 8938 goes with his income tax return to the IRS. Penalties FBAR noncompliance triggers and Form 8938 penalties apply independently.

Scenario 3: Priya — Form 8938 Only

Priya is single, lives in the US, and holds $60,000 in foreign stock certificates in an Indian company — directly registered, not in a brokerage account. She has no foreign bank accounts or other foreign financial accounts.

FBAR: Not required. Directly held foreign stocks do not qualify as foreign financial accounts under 31 USC 5314.
Form 8938: Required. The foreign stock certificates qualify as specified foreign financial assets exceeding $50,000.

If Priya also held a foreign bank account worth $12,000, she would need to file both the FBAR and Form 8938. In that case, she must file the FBAR because the account exceeds $10,000, and Form 8938 applies because her total foreign assets top $50,000. Each form carries its own threshold, and you cannot skip a form if it applies to your situation.

Scenario 4: David and Maria — Married Filing Jointly, Abroad

David and Maria hold joint foreign bank accounts worth $350,000 and a 30% interest in a foreign partnership worth $100,000 — total $450,000.

FBAR: Required. Their foreign financial accounts exceed $10,000 at any time during the year, and they must file their FBAR to FinCEN.
Form 8938: Required. Their total value of foreign assets exceeds $400,000 on the last day of the tax year (married filing jointly, abroad).

They report the foreign bank accounts and brokerage accounts on both forms. The partnership interest appears only on Form 8938. You must file the form if your assets exceed the threshold — filing one form does not exempt you from the other.

Where and When Do You File Both FBAR and Form 8938?

You file the FBAR FinCEN Form 114 through the BSA filing system the FBAR uses at bsaefiling.fincen.gov. You must file it separately — the FBAR must not be filed with your tax return. You attach Form 8938 to your federal tax return and submit the form to the IRS. Some taxpayers report foreign accounts on Form 8938 and assume the IRS forwards the information to FinCEN. Form 8938 does not trigger FBAR compliance — the FBAR as a BSA report requires separate filing. Foreign bank accounts must be reported on both forms when you meet both thresholds. You must file with both agencies. Filing one form does not satisfy the other.

Both the FBAR and Form 8938 share an April 15 due date and due date deadlines. The FBAR receives an automatic extension to October 15 under 31 CFR 1010.306(c). Form 8938 follows your income tax return deadline. If you extend your tax return, the Form 8938 deadline extends with it. However, this form has no separate extension. Missing either deadline can trigger fines and penalties from both FinCEN and the IRS.

What Penalties Apply for Not Filing FBAR and Form 8938?

Failure to file either form carries separate consequences. FinCEN and the IRS assess penalties FBAR filers face and penalties Form 8938 filers face independently. A taxpayer who fails to file form both the FBAR and Form 8938 faces penalties from both agencies at the same time.

Penalties FBAR noncompliance triggers: Non-willful FBAR violations carry fines up to $16,117 per account per year under 31 USC 5321(a)(5)(B). Willful FBAR violations reach the greater of $100,000 or 50% of the account balance. Criminal penalties under 31 USC 5322 include fines up to $250,000.

Form 8938 penalties: Failure to file Form 8938 results in a $10,000 penalty under 26 USC 6038D(d), plus $10,000 per 30-day period of continued noncompliance up to $60,000. Criminal penalties may also apply.

Penalties FBAR noncompliance triggers can stack with Form 8938 penalties. See FBAR penalties: what happens if you don't file. FBAR vs FATCA penalties differ in structure, so review both forms and their penalty rules.

Who Must File: Specified Individuals and Specified Domestic Entities?

The FBAR applies to all US persons — citizens, resident aliens, and certain entities. Form 8938 applies to specified individuals and specified domestic entities. Specified individuals include US citizens and resident aliens. Specified domestic entities include corporations, partnerships, and trusts formed under US tax law that hold specified foreign financial assets above the threshold.

Additionally, these entities — corporations partnerships and trusts — evaluate their own FBAR obligations independently. The FBAR as a separate BSA filing applies to these entities whenever their foreign accounts exceed $10,000. If you hold interests in foreign entities through a US domestic entity, that entity may also need to file Form 8938. FBAR filing requirements that apply to individuals and specified domestic entities with foreign accounts remain separate obligations. The FBAR and Form 8938 are both required when the entity meets both thresholds.

Frequently Asked Questions

Do I need to file both FBAR and Form 8938?

Yes, if you meet both reporting thresholds. You must file the FBAR when your foreign financial accounts exceed $10,000 in aggregate at any time during the calendar year. You must also file Form 8938 when your specified foreign financial assets exceed the threshold for your filing status. Many taxpayers with foreign bank accounts above $50,000 need to file both FBAR and FATCA forms.

What foreign assets go on Form 8938 but not the FBAR?

Foreign stock certificates held directly, interests in foreign partnerships and trusts, and foreign-issued insurance or annuity contracts not held in an account. These qualify as specified foreign financial assets under 26 USC 6038D but do not count as foreign financial accounts for FBAR purposes.

Is the FBAR FinCEN Form filed with my tax return?

No. The FinCEN Form is filed through the BSA E-Filing system. The FBAR goes through this filing system the FBAR uses, not to the IRS. The Form is attached to your federal income tax return and submitted to the IRS. Each form is filed with a different agency. You file each one separately. If an FBAR has not been filed and submitted on time, FinCEN will not receive your account data. An FBAR not filed carries separate penalties from Form 8938 noncompliance.

What happens if I file Form 8938 but not the FBAR?

You face FBAR penalties up to $16,117 per unreported account per year for non-willful violations under 31 USC 5321. Reporting foreign accounts on Form 8938 does not satisfy your FBAR filing requirements. You must file each form independently to maintain compliance.

What is the Form 8938 threshold for married filing jointly?

For taxpayers in the US and married filing jointly, the threshold starts at $100,000 in total value on the last day of the tax year, or $150,000 at any point. For those living abroad and married filing jointly, the threshold jumps to $400,000 on the last day or $600,000 at any time during the year. Compare this to the FBAR, which uses the same $10,000 threshold regardless of filing status.

Do I report the same accounts on both forms?

Yes, foreign financial accounts such as bank accounts and brokerage accounts go on both forms when you meet both thresholds. The FBAR also includes signature authority accounts. Form 8938 also includes non-account foreign assets and specified foreign financial assets like foreign stocks and partnership interests. You use the BSA filing system. The FBAR goes through this system to FinCEN, while Form 8938 stays with the IRS.

Can I file both forms at once?

No. You use the BSA E-Filing system. The FBAR goes through this filing system, and you submit Form 8938 with your income tax return to the IRS. They are separate filings. You cannot submit the Form 8938 Statement of Specified Foreign Financial Assets in place of the FBAR. If you skip a form it does not matter that you filed the other one — each carries separate penalties. The FBAR and Form both serve different reporting purposes. Each form goes to a different agency through a different filing system.

What if my foreign accounts total under $50,000 but over $10,000?

You must file an FBAR but do not need Form 8938. The FBAR threshold sits at $10,000 in aggregate value. If your total value of foreign financial assets does not exceed the Form 8938 threshold for your filing status, file only the FBAR. You are still required to file the FBAR each year and report all foreign accounts above the threshold.

Let FBAR Direct Handle Your Filing

Tracking which foreign accounts and assets go on which form is confusing. Penalties FBAR noncompliance and Form 8938 noncompliance trigger add up fast. FBAR Direct handles the FBAR side. Upload your foreign bank statements, and we convert the maximum value of each account to dollars using Treasury exchange rates, prepare your FinCEN Form 114, and file to FinCEN on your behalf.

For Form 8938, consult a qualified tax professional who can file it with your income tax return and ensure full compliance. See how FBAR Direct works.

Tax regulations change frequently. Always verify current requirements at IRS.gov or FinCEN.gov. For advice specific to your situation, consult a qualified tax professional. This article is current as of April 22, 2026.