Form 8938
Statement of Specified Foreign Financial Assets (FATCA)
Who Must File
US taxpayers with specified foreign financial assets exceeding $50,000 on the last day of the year or $75,000 at any time during the year (higher thresholds for married filing jointly and taxpayers abroad).
Deadline
Filed with Form 1040 by April 15 (or extended deadline)
Penalty
$10,000 for failure to file, plus $10,000 per 30-day period after IRS notice (up to $60,000)
Step-by-Step Filing Instructions
Identify all specified foreign financial assets: accounts, securities, interests in foreign entities.
Determine if you exceed the reporting threshold for your filing status and residency.
Report each asset with maximum value, year-end value, and income earned.
Convert values to USD using the IRS year-end exchange rate.
Complete Part I (accounts) and Part II (other assets) of Form 8938.
Attach the completed form to your Form 1040.
Tips & Best Practices
Form 8938 does NOT replace FBAR. You may need to file both.
Thresholds are higher if you live abroad: $200,000 year-end / $300,000 any time (single).
Canadian pensions (RRSP, RRIF) may be reportable on 8938 even if treaty-deferred.
Stock options in a Canadian employer count as specified foreign financial assets.
Frequently Asked Questions
Do I file 8938 if I already file FBAR?
Potentially yes. They have different thresholds, different asset definitions, and go to different agencies. Many taxpayers must file both.
Are RRSPs reported on Form 8938?
Yes. An RRSP is a specified foreign financial asset and must be reported if you meet the filing threshold, even though income may be treaty-deferred.
What happens if I did not file Form 8938 in prior years?
You should consider the Streamlined Filing Compliance Procedures to come into compliance and potentially avoid penalties.
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