Fill out Form 8938 (Statement of Specified Foreign Financial Assets) online
Form 8938 is used to report specified foreign financial assets to the IRS when their total value exceeds certain thresholds. These assets include foreign bank accounts, foreign securities, interests in foreign entities, and financial instruments issued by foreign persons.
How to fill out Form 8938 (Statement of Specified Foreign Financial Assets)
Determine if you meet the reporting threshold
Review whether the total value of your specified foreign financial assets exceeds the applicable threshold for your filing status and residency. Single filers living in the U.S. must report if assets exceed $50,000 at year-end or $75,000 at any point during the year.
Identify and list foreign financial accounts
In Part I, list each foreign deposit and custodial account, including the financial institution name, account number, maximum value during the year, and whether the account was opened or closed during the tax year.
Report other specified foreign financial assets
In Part II, list other foreign assets such as stock or securities issued by a foreign corporation, interests in foreign entities, and any financial instrument or contract with a foreign counterparty.
Calculate and report total values
Summarize the total maximum values of all reported accounts and assets. Convert all foreign currency amounts to U.S. dollars using the Treasury Department year-end exchange rate.
Attach to your tax return
File Form 8938 with your Form 1040 by the tax return due date, including extensions. Retain records of the foreign assets and valuations for at least three years after filing.
About Form 8938 (Statement of Specified Foreign Financial Assets)
Who needs this form
U.S. citizens, resident aliens, and certain nonresident aliens who hold specified foreign financial assets exceeding $50,000 on the last day of the tax year or $75,000 at any time during the year (thresholds are higher for married filing jointly and for taxpayers living abroad).
Where to submit
Attach Form 8938 to your annual income tax return (Form 1040) and file by the due date, including extensions. This form does not replace the FBAR (FinCEN Form 114), which is filed separately.
Source and content freshness
- Reviewed: 2026-02-24
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Confusing Form 8938 with the FBAR (FinCEN Form 114), which has different thresholds and is filed separately with FinCEN
- Not including the maximum value of accounts during the year (only reporting the year-end balance)
- Omitting financial assets that are not held in a bank account, such as foreign stock or interests in foreign partnerships
- Failing to convert foreign currency values to U.S. dollars using the correct exchange rate for the reporting period
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What is the difference between Form 8938 and the FBAR?
Form 8938 is filed with the IRS as part of your tax return and covers a broader range of foreign financial assets with higher reporting thresholds. The FBAR (FinCEN Form 114) is filed separately with the Financial Crimes Enforcement Network and applies if the aggregate value of your foreign bank and financial accounts exceeds $10,000 at any time during the year. Many taxpayers must file both.
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