FBAR vs Form 8938 β the key differences
They look similar but are entirely separate obligations:
- FBAR (FinCEN Form 114) β goes to FinCEN (Treasury), not the IRS. One flat threshold: foreign accounts over $10,000 combined, at any time. Filed online through the BSA E-Filing system, separate from your taxes.
- Form 8938 (FATCA) β goes to the IRS, attached to your Form 1040. Higher, status- and residence-based thresholds. Covers a broader set of assets than just accounts.
The crucial point: filing one does not satisfy the other. Plenty of people must file both, reporting the same accounts twice to two different agencies.
The 2026 thresholds in full
FBAR: $10,000 combined foreign accounts, any time in the year. No status or residence variation.
Form 8938 (year-end / any-time):
- Living in US, single/separate: $50,000 / $75,000
- Living in US, married joint: $100,000 / $150,000
- Living abroad, single/separate: $200,000 / $300,000
- Living abroad, married joint: $400,000 / $600,000
You meet the 8938 requirement if you cross either the year-end or the any-time figure for your bracket.
What happens if you don't file
The penalties are why these forms matter so much:
- FBAR β non-willful failures can draw penalties around $10,000+ per violation; willful failures can reach the greater of ~$100,000+ or half the account balance.
- Form 8938 β $10,000 for failure to file, rising with continued non-compliance, plus accuracy penalties on related under-reported income.
If you're behind, the IRS Streamlined Filing Compliance Procedures and Delinquent FBAR Submission Procedures exist to help you get current. Under the Streamlined Foreign Offshore Procedures an eligible non-willful taxpayer faces no FBAR or information-return penalties; the Domestic version charges a 5% miscellaneous offshore penalty on the highest aggregate balance of the unreported assets. Neither is available once the IRS has started a civil examination of your returns.
How to file: where, when & the two deadlines (2026)
The two forms go to two different agencies through two different systems β so "filing your taxes" does not file your FBAR. There's no government fee for either, but missing them is expensive.
Where & when to file
| Form | Where / Deadline |
|---|---|
| FBAR (FinCEN 114) | BSA E-Filing Β· 15 Apr β 15 Oct auto |
| Form 8938 (FATCA) | With Form 1040 (IRS) |
| Return due (US / abroad) | 15 Apr / 15 Jun |
| With extension | 15 Oct |
There is no government filing fee for either form. The cost is the penalty risk for getting it wrong, and any professional help for back-year catch-up.
Two forms, two agencies
A costly mistake is assuming filing your tax return (with Form 8938) covers the FBAR. It does not β the FBAR is a separate Treasury filing through FinCEN. Many US persons with foreign accounts must file both, every year, to two different agencies.
Documents to prepare
- Account institution, number, country and peak balance for each foreign account.
- Treasury year-end exchange rates for USD conversion.
- Details of foreign stock, partnership and other specified assets for Form 8938.
- FinCEN Form 114a if a preparer files the FBAR for you.
Frequently asked questions
Q. I'm a green card holder living abroad β do these apply?
A. Yes. Green card holders are US persons for these purposes, wherever they live, and use the "living abroad" 8938 thresholds if they qualify.
Q. Do I report the same account on both forms?
A. Often yes β the same foreign bank account can appear on both the FBAR and Form 8938. They're separate filings to separate agencies, so duplication is normal.
Q. Does owing no tax mean I don't have to file?
A. No. These are information returns. You can owe zero tax and still be required to file the FBAR and/or Form 8938 β and still face penalties for not filing.
FBAR + Form 8938 filing checklist (save your progress)
Tick each item as you prepare it. Progress is saved in this browser β nothing is uploaded. This is a preparation aid, not tax advice.
Sources and official references: FinCEN β Report of Foreign Bank and Financial Accounts (FBAR); IRS β Comparison of Form 8938 and FBAR requirements; IRS β Streamlined Filing Compliance Procedures; IRS β U.S. Taxpayers Residing in the United States (the 5% Streamlined Domestic penalty). FBAR: $10,000 aggregate threshold, due 15 April with automatic extension to 15 October; Form 8938 (FATCA) thresholds vary by filing status and residence and are filed with Form 1040. This is an independent self-assessment tool, not tax or legal advice; "US person" status, asset categorization and special account rules are fact-specific. Consult a licensed cross-border CPA or tax attorney. See also our SPT, exit tax and NRA estate tax tools.