Foreign Bank Accounts Report (FBAR), or FinCEN Form 114 if the combined total of your foreign financial accounts is at least $10K or reaches this threshold at any point during the calendar year.

 

FinCEN Form 114 is a requirement for all US Citizens/Residents with foreign bank accounts,

 

Unlike FinCEN Form 114, FATCA Form 8938 is filed with your US tax return to the IRS.

 

              You are required to file FATCA Form 8938 

  • You live in the United States, you are filing a tax return as a single individual, and you have foreign assets with an aggregate value of $50K on the final day of the year or the value of your foreign assets reached $75K at any point during the year.

  • You live in the United States, you are filing a joint return with your spouse, and you have foreign assets with an aggregate value of $100K at the end of the year or the value of your foreign assets reached $150K at any point during the year.


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