Form 8938 (FATCA) is the IRS form for reporting specified foreign financial assets — separate from FBAR. Thresholds vary by filing status and whether you live in the U.S. or abroad. This tool checks all four.
Three inputs. The calculator applies the correct one of four thresholds (filing status × U.S. vs. abroad) and tells you whether you need to file.
MFJ doubles the threshold. MFS (married filing separately) uses the “single” thresholds.
Abroad = much higher thresholds. Specifically: meet the Physical Presence Test (330 days) or have your tax home + bona fide residence in a foreign country for the entire tax year.
Aggregate value of: foreign bank/brokerage accounts, foreign stock/securities not held in a U.S. account, foreign mutual funds, foreign-issued bonds, interests in foreign partnerships/trusts/estates, foreign retirement accounts. Does NOT include: directly-held real estate, tangible assets, social security from foreign country.
Form 8938 uses TWO threshold tests — end-of-year value OR highest-at-any-time value. Crossing either triggers filing. If you’re unsure, use the maximum month-end balance from your statements.
Form 8938 thresholds depend on filing status AND residence. The IRS uses these specific dollar amounts (current per IRS Form 8938 instructions):
| Filing status | Residence | End-of-year value | OR highest-at-any-time |
|---|---|---|---|
| Single / HoH / MFS | U.S. | $50,000 | $75,000 |
| Single / HoH / MFS | Abroad | $200,000 | $300,000 |
| Married filing jointly | U.S. | $100,000 | $150,000 |
| Married filing jointly | Abroad | $400,000 | $600,000 |
Crossing either the end-of-year OR the highest-at-any-time threshold triggers Form 8938 filing. The IRS uses the OR test specifically to catch “deposit-then-withdraw” patterns where someone holds large assets briefly without it appearing on the year-end statement.
The two most-confused forms in U.S. expat taxation:
| FBAR (FinCEN 114) | Form 8938 (FATCA) | |
|---|---|---|
| What | Foreign bank account report | Statement of specified foreign financial assets |
| Filed with | FinCEN (Treasury) — separate online filing | IRS Form 1040 (attached to tax return) |
| Threshold | $10,000 aggregate any time during year | $50K–$600K depending on status/residence |
| What counts | Foreign financial accounts (bank, brokerage) | Broader: accounts + foreign-issued securities + interests in foreign entities |
| Penalty | $10K non-willful / $100K+ willful, per violation | $10K + up to $50K additional + 40% accuracy penalty on tax |
Form 8938 reportable assets include:
NOT reportable on Form 8938:
Per IRS Form 8938 instructions, you’re considered “living abroad” for 8938 purposes if you meet either:
If you don’t meet either, you use the lower “U.S.” thresholds.
Form 8938 failure-to-file penalty is $10,000 per failure. Continued failure after IRS notice can add up to $50,000 in additional penalties. Plus a 40% accuracy-related penalty applies to any underpayment of tax attributable to undisclosed foreign assets. Filing late voluntarily (before IRS contact) is far cheaper than waiting — see our Streamlined Filing Cost calculator for compliance pathways.