A practical comparison
| Question | Form 8938 | FBAR (FinCEN Form 114) |
|---|---|---|
| Where is it filed? | Attached to a timely filed federal income tax return, including extensions. | Filed electronically with FinCEN, separately from the tax return. |
| Who may file? | Specified individuals and certain specified domestic entities. | U.S. persons with a financial interest in or signature authority over qualifying foreign financial accounts. |
| What threshold applies? | Varies by filing status and whether qualifying as living abroad; both year-end and anytime values matter. | Aggregate maximum value of foreign financial accounts exceeding $10,000 at any time during the calendar year. |
| What is covered? | Specified foreign financial assets, which can extend beyond accounts. | Foreign financial accounts. |
| Can both apply? | Yes. Filing one does not automatically satisfy the other. | Yes. The same account can appear on both reports. |
Why the answer is not just a threshold test
Ownership, account location, asset type, signature authority, filing status, residence, and valuation can produce different answers under the two regimes. Certain items are reportable on one but not the other; some exceptions also differ.
Coordinate the information, preserve the distinction
A consistent asset and account record can support both analyses, but each form should be prepared under its own definitions and instructions. FATCA HQ’s public inquiry identifies whether an FBAR question exists; the final engagement scope must state whether FBAR preparation is included.
The FBAR generally has an automatic extension from its April due date to October 15. Always confirm the current FinCEN instructions for the year involved.