Current threshold framework
| Taxpayer situation | More than at year end | More than at any time |
|---|---|---|
| U.S. resident — unmarried or married filing separately | $50,000 | $75,000 |
| U.S. resident — married filing jointly | $100,000 | $150,000 |
| Qualifying taxpayer living abroad — non-joint return | $200,000 | $300,000 |
| Qualifying taxpayers living abroad — joint return | $400,000 | $600,000 |
| Specified domestic entity | $50,000 | $75,000 |
These are “more than” thresholds. The living-abroad rows require the conditions in the Form 8938 instructions; they do not apply solely because a taxpayer has a foreign address.
Three gates to review
- Are you a specified individual or specified domestic entity under the rules?
- Do you have an interest in one or more specified foreign financial assets?
- Does the aggregate value exceed the threshold applicable to your facts?
A federal return is part of the analysis
Form 8938 is generally filed with the annual income tax return. IRS guidance states that a person who does not have to file an income tax return for the year generally does not need to file Form 8938 merely because asset values exceed a threshold.
Other reporting can still apply. In particular, the FBAR is a separate FinCEN report with its own definitions and filing rule.
Penalties make precision important
IRS guidance describes a failure-to-file penalty that can begin at $10,000, with additional penalties for continued failure after IRS notice. Other penalties and statute-of-limitations consequences can also apply. Reasonable cause and correction options are fact-specific; no outcome should be assumed from a web page.