Form 8938 Filing Requirement & Threshold Calculator
A free tool by Zenceipt
Step 1: Filing Status & Residence
Year-End Threshold
$50,000
Max Value Threshold
$75,000
Step 2: List Your Foreign Financial Assets
Disclaimer: This tool provides an estimate based on the information you provide and current IRS regulations. It is not a substitute for professional tax advice. Always consult with a qualified tax professional for your specific situation.
Understanding Form 8938
What are the Form 8938 filing requirements?
The requirements depend on your filing status and whether you live abroad. The total value of your specified foreign financial assets must exceed certain thresholds. The easiest way to check is to use our Form 8938 calculator above. Just enter your details for a clear "Yes" or "No" answer.
What is Form 8938 for?
Form 8938, part of the Foreign Account Tax Compliance Act (FATCA), requires U.S. taxpayers to report specified foreign financial assets if their value exceeds a certain threshold. It's designed to prevent offshore tax evasion. Our Form 8938 threshold calculator helps you determine if you need to file.
Is Form 8938 the same as FBAR?
No, they are different. The FBAR (FinCEN Form 114) is filed with the Financial Crimes Enforcement Network, while Form 8938 is filed with the IRS. The filing thresholds and rules differ. It's common to have to file one, both, or neither. This tool helps clarify the FBAR vs Form 8938 requirements.
Do I report foreign real estate?
Directly-held foreign real estate is generally not a reportable asset on Form 8938. However, if you hold the property through a foreign entity like a corporation, trust, or partnership, your interest in that entity is a reportable asset.
What are "specified foreign financial assets"?
This includes financial accounts at foreign institutions, foreign stocks or securities not held in a U.S. account, interests in foreign entities, and foreign financial instruments. Our calculator's specified foreign financial assets list helps you categorize your holdings correctly.
What are the penalties for not filing?
Failing to file Form 8938 when required can lead to a $10,000 penalty for failure to file. If you continue to not file after receiving an IRS notice, the penalty can increase up to a maximum of $50,000. Criminal penalties may also apply.
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