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FBAR vs FATCA Form 8938: What Is the Difference?
Updated: Oct 3
Short answer: The FBAR is a FinCEN report required when all your foreign accounts together exceeded $10,000 at any time in the year. Form 8938 is an IRS form attached to your tax return, with higher thresholds that depend on where you live and your filing status. Some people must file both.
Key takeaways
The FBAR (FinCEN Form 114) is filed electronically with FinCEN. Form 8938 is attached to your income tax return.
The FBAR trigger is the combined total of all your foreign accounts above $10,000 at any time in the year, not a single account.
Form 8938 thresholds are higher and differ for people abroad and in the US, single and joint.
Form 8938 is separate from and in addition to the FBAR, so meeting one test does not excuse the other.
Each form has its own penalty framework.
FBAR vs Form 8938 side by side
Who files — FBAR (FinCEN Form 114): A US person (citizen, resident, entity, trust or estate) with a financial interest in, or signature authority over, foreign financial accounts; Form 8938 (FATCA): A taxpayer who must file an income tax return and whose foreign financial assets exceed the thresholds below
Threshold — FBAR (FinCEN Form 114): Aggregate value of all foreign financial accounts exceeded $10,000 at any time in the calendar year; Form 8938 (FATCA): See the threshold table below
What is reported — FBAR (FinCEN Form 114): Foreign financial accounts; Form 8938 (FATCA): Foreign financial assets
Where it is filed — FBAR (FinCEN Form 114): Electronically only, through FinCEN's BSA E-Filing System, not with your tax return; Form 8938 (FATCA): Attached to your annual income tax return
Due date — FBAR (FinCEN Form 114): April 15 after the year reported, with an automatic extension to October 15 and no request needed; Form 8938 (FATCA): With your annual income tax return
Penalty framework — FBAR (FinCEN Form 114): Non-willful: capped at $10,000 by statute, $16,536 in FinCEN's current inflation-adjusted table. Willful: the greater of $100,000 or 50 percent of the account balance by statute, with $165,353 as the inflation-adjusted dollar figure; Form 8938 (FATCA): $10,000 for failure to file, up to $50,000 more for continued failure after IRS notice, and a 40 percent penalty on understatements tied to undisclosed assets
The FBAR trigger: all accounts added together
The $10,000 test is an aggregate. You add up every foreign financial account you have an interest in or signature authority over. If the total exceeded $10,000 at any time in the calendar year, you file. Several small accounts can add up past $10,000 even if no single one comes close.
Whether an account earned taxable income has no effect on whether it is reportable. Some accounts are not reportable on the FBAR, including IRA and retirement-plan accounts, governmental-entity accounts and certain trust accounts already reported by a US person.
Form 8938 thresholds
These apply only if you must file an income tax return for the year. They are measured on the last day of the year or at any time during it, and a filer who is over either number files.
Abroad, single or married filing separately — More than this on the last day of the year: $200,000; Or more than this at any time: $300,000
Abroad, married filing jointly — More than this on the last day of the year: $400,000; Or more than this at any time: $600,000
In the US, unmarried or married filing separately — More than this on the last day of the year: $50,000; Or more than this at any time: $75,000
In the US, married filing jointly — More than this on the last day of the year: $100,000; Or more than this at any time: $150,000
"Living abroad" means a US citizen who has been a bona fide resident of a foreign country for a full tax year, or a citizen or resident present abroad at least 330 full days in any 12 consecutive months ending in the tax year. For joint filers abroad, the higher thresholds apply even if only one spouse lives abroad.
Do you file both?
Possibly. Form 8938 is separate from and in addition to the FBAR. A person can be under the Form 8938 threshold and still need an FBAR, because the FBAR starts at $10,000 in total foreign accounts.
How we help
Sabih Shafi is an IRS Enrolled Agent, federally licensed to represent taxpayers before the IRS in all 50 states. We work remotely with Americans in the US and abroad, in English or Spanish. We can:
Check which of the two forms applies to you, and for which years.
Prepare Form 8938 with your return and the FBAR.
Review missed years and your catch-up options.
You get a flat fee, quoted in writing before any work starts. The free review is 20 minutes: call or text (323) 900-0305, or book your free 20-minute tax review.
General information, not tax advice for your situation.
Frequently Asked Questions
Is the FBAR $10,000 test per account or for all accounts?
For all accounts together. The test is whether the aggregate value of your foreign financial accounts exceeded $10,000 at any time in the calendar year.
What are the Form 8938 thresholds for Americans living abroad?
For single filers and married filing separately: more than $200,000 on the last day of the year or more than $300,000 at any time. For married filing jointly: more than $400,000 or more than $600,000.
When is the FBAR due?
April 15 following the calendar year reported, with an automatic extension to October 15. You do not need to request the extension.
Does filing Form 8938 replace the FBAR?
No. Form 8938 is separate from and in addition to the FBAR. The FBAR is filed with FinCEN, not with your tax return.
What if I missed an FBAR in a past year?
File late FBARs as soon as possible and give the reason on the form. See our guide on what to do about an unreported foreign bank account.
Last reviewed: October 2026 by Sabih Shafi, EA
Are foreign pensions reportable on Form 8938 or the FBAR?
Generally both, if you meet each form's threshold. A foreign pension or retirement account you have a financial interest in is usually reportable on the FBAR, and an interest in a foreign pension plan is generally a specified foreign financial asset for Form 8938. Foreign social security-type government benefits are not reported on Form 8938. A tax treaty can change how pension income is taxed, but not whether the account is reported.
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Talk to an Enrolled Agent
This article is general information, not individual tax advice. If you want to talk through your own IRS or state balance, book a free 20-minute review or call or text us directly.
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