Form 8938 (FATCA): Report on Foreign Assets

Form 8938 is filed with your tax return (Form 1040) with the IRS if the total value of your foreign assets (not just cash) exceeds the set thresholds.

What must be reported?

✅ Foreign bank and brokerage accounts

✅ Securities issued by non-US persons, held outside of accounts

✅ Ownership interests in foreign corporations, partnerships, and trusts

✅ Financial instruments and contracts with non-US persons (including swaps, options, and other derivatives)

✅ Foreign insurance policies with cash value

Filing thresholds

✔️ If you live in the US:

Single / MFJ — assets exceeding $50k/$100k at year-end or $75k/$150k at any point during the year

✔️ If you live abroad:

Single / MFJ — assets exceeding $200k/$400k at year-end or $300k/$600k at any point during the year

📆 Deadline: Filed with your tax return by April 15 (an extension to October 15 is possible if Form 1040 is extended).

🚨 Penalties for non-filing:

– $10,000 per violation, plus up to $50,000 for continued failure after IRS notice

– 40% penalty on unreported income from assets

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