FBAR vs Form 8938 – What’s the Difference?

FBAR vs Form 8938 – What’s the Difference?

📌 FBAR (FinCEN Form 114):-
• Report foreign bank/financial accounts.
• File online with FinCEN (not IRS).
• Threshold: $10,000 total at any time in the year.
• Due: April 15 (auto extension to Oct 15).

📌 Form 8938 (FATCA):-
• Report specified foreign financial assets (bank accounts, stocks, bonds, partnerships, pensions, etc.).
• File with IRS (attached to Form 1040).
• Thresholds:
– Single: > $50,000 (year-end) / $75,000 (anytime)
– Married Joint: > $100,000 (year-end) / $150,000 (anytime).

✅ Example:
Foreign Bank = $40,000
Foreign Stocks = $90,000
👉 Total = $130,000 (Single filer)

✔ FBAR required (accounts > $10k)
✔ Form 8938 required (assets > $75k)

🔑 Remember:-

*FBAR = Accounts (FinCEN)
*Form 8938 = Assets (IRS)
➡ Sometimes you must file both.