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Form 8938: Statement Of Specified Foreign Financial Assets
IRS Form 8938 is a statement of specified foreign financial assets that must be filed if the total value of those assets exceeds reporting thresholds (e.g., $49,000 during the tax year).
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IRS Form 8938 - Statement Of Specified Foreign Financial Assets
IRS Form 8938 is a statement of specified foreign financial assets that must be filed if the total value of those assets exceeds reporting thresholds (e.g., $49,000 during the tax year).
Risk Radar
Scan points- 1Failing to file Form 8938 when required can result in a $10,000 penalty and possible criminal charges.
- 2Failing to attach Form 8938 to your annual tax return.
- 3Not reporting all specified foreign financial assets that exceed the threshold.
- 4Incorrectly identifying the applicable year at the top of the form.
- 5Forcing a specified individual who reported assets on another form (e.g., 3520) to omit Part IV, leading to incomplete filing.
Plain English
This form asks you to list all your foreign bank accounts and investments if their total value is more than a certain amount. You file this with your annual tax return.
Submission Date
- Filing date: 2021-12-22 22:10:49
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when you have specified foreign financial assets with a total value exceeding the applicable reporting threshold.
- Do not use it when your assets do not exceed the reporting threshold or if an exception applies (e.g., certain domestic entities below thresholds).
- Check FinCEN Form 114 instead when you are otherwise required to file a Report of Foreign Bank and Financial Accounts (FBAR).
Form selector
Use this form or another form?
Filing with an annual return that includes Form 1041
You must attach Form 8938 to your Form 1041 if required.
✓ Confirm you are using the correct attachment sequence.
Required to file FinCEN Form 114 (FBAR)
Filing Form 8938 does not relieve you of FBAR filing requirements.
✓ Verify you meet FBAR filing criteria before deciding on Form 8938 use.
Holding assets in a foreign trust requiring Form 3520-A
You must report the filing of these forms on Form 8938.
✓ Ensure you have filed the required trust information returns.
Deadline or filing window
File Form 8938 with your annual tax return by its due date (including extensions). The deadline is tied to the annual return’s filing schedule; no specific day-counts beyond ‘extensions’ are provided.
Checklist
What you need before filling it out
Top of form (tax year)
Applicable calendar/tax year · Tax return or Form 8938 itself
Line 2 (TIN)
Taxpayer identification number · ID card, W-2, bank statements
Part I (specified foreign assets)
Values of each asset · Financial account statements
Before you submit
- 1Verify the tax year specified at the top matches your return.
- 2Check 'Number of additional statements' if you attached extra documents.
- 3Ensure line 2 (TIN) matches the TIN on your annual return.
- 4Attach Form 8938 to your annual return (e.g., Form 1040, 1041) before filing.
- 5Double-check that total asset values exceed the reporting threshold.
- 6Sign the bottom of Form 8938.
- 7File by the due date for your annual return (including extensions).
How to file this form
- 1Determine if you are a specified person with foreign financial assets exceeding the applicable reporting thresholds.
- 2Gather detailed information on each specified foreign financial asset, including its value and type.
- 3Complete Form 8938 lines 1–4 to specify the tax year and filer type.
- 4List all specified foreign financial assets in Part I of Form 8938, providing their values.
- 5Attach Form 8938 to your annual return (e.g., Form 1040) by the due date.
Known limitations
- 1If the total value of specified foreign financial assets does not exceed $49,000 during the tax year, you do not have to file Form 8938.
- 2You are not required to report ownership of shares in a foreign corporation on Form 8938 if you received taxable distributions from the company that you did not report on your income tax return.
- 3You are not required to report a foreign pension on Form 8938 and you received a taxable distribution from the pension plan that you did not report on your income tax return.
Field map
Compact field-by-field guide
Entity Info
1 items
Name and taxpayer ID of the entity claiming the credit.
Credit Info
1 items
Type of credit or incentive being claimed.
Calculation
2 items
The base amount used to calculate the credit.
Calculated credit amount after applying formulas and limitations.
Certification
1 items
Detailed breakdown supporting the credit calculation.
Signatures
1 items
Sign and date the form.
Almost done reviewing the fields?
Fillable formOpen in Editor->The current edition is Rev. November 2021; Form 8938 and its instructions were converted from an annual revision to continuous use as of this date.
What changed or needs a fresh check
- Edition date — confirm revision is November 2021
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Sign before sending
Quick Facts
Downloads
After you file
- 1Keep a copy of the filed Form 8938.
- 2Expect no specific confirmation letter unless requested by the IRS.
- 3If you discover an error, file an amended return (Form 1040-X) and attach the corrected Form 8938.
- 4Retain records supporting reported values for at least three years.
Sources
- SRCInstructions p1 — Defines who must file based on being a specified person with foreign financial assets exceeding thresholds.
- SRCInstructions p5 — States the reporting threshold of $49,000 for total value not exceeding this amount.
- SRCInstructions p6 — Example showing filing requirement even if assets were sold before year-end (held >$75k at any time).
- SRCInstructions p9-11 — Lists assets not required to be reported on Form 8938.
- SRCInstructions p10 — Specifies which assets are excluded when calculating the reporting threshold for U.S. possessions.
- SRCInstructions p11 — Details penalties for fraud and criminal failure to file or report.
Common confusion points
Confusion: Do I need to file Form 8938 if my foreign assets were sold before the end of the year?
Why it happens: Example 3 shows filing is required even if assets are sold during the tax year.
→ Safe check: Review whether any specified foreign financial asset was held for more than $75,000 at any time in the tax year.
Confusion: What assets don't need to be reported?
Why it happens: Some filers may include certain accounts (e.g., shares in a foreign corporation if distributions were unreported) incorrectly.
→ Safe check: Refer to Instructions p9-11 for excluded assets list.
Confusion: How do I calculate the reporting threshold for joint filers?
Why it happens: Example 6 shows higher thresholds ($100k vs $50k single) apply to joint returns.
→ Safe check: Check if you file a joint return and jointly own assets; use the higher threshold.
Confusion: Do I report foreign pension distributions even if not received?
Why it happens: Might think only received distributions matter.
→ Safe check: Refer to p11: do not report foreign pensions with unreported taxable distributions.
Confusion: Is my U.S. territory-based asset included in the threshold calculation?
Why it happens: Some might exclude assets from territories like Puerto Rico.
→ Safe check: If you live in a U.S. possession, refer to p10 for which assets are excluded.
Confusion: What happens if I fail to file Form 8938?
Why it happens: Fear of penalties but not sure about severity.
→ Safe check: Refer to Instructions p11 (fraud penalty 75% underpayment) and criminal penalties for failure to report.
Workflow map
Related forms and next steps
Before
Current
After
Often used with
⚠ If something goes wrong
- Form 1040-X (Amended U.S. Individual Income Tax Return) if you need to correct a mistake.
Questions about IRS Form 8938
What is IRS Form 8938 used for?
This form asks you to list all your foreign bank accounts and investments if their total value is more than a certain amount. You file this with your annual tax return.
Who must file IRS Form 8938?
You must file Form 8938 if you are a specified person (either an individual or domestic entity) that has an interest in specified foreign financial assets exceeding the applicable reporting threshold, unless an exception applies.
What information does IRS Form 8938 require?
The form collects information about all specified foreign financial assets in which you have an interest, including their total value and details of each asset.
When is IRS Form 8938 due?
It is due with your annual tax return, by its due date (including any extensions).
Where do I file IRS Form 8938?
Attach Form 8938 to your annual tax return and file it by the due date; no specific mailing address or service center is provided in the source.
How do I complete IRS Form 8938?
Attach Form 8938 to your annual tax return; specify the applicable calendar or tax year at the top. If you are a specified individual who reported all assets on another form (e.g., 3520), complete Part IV only. Otherwise, report remaining assets and complete Part IV as needed. Sign and date before filing by the due date.
What happens if IRS Form 8938 is filed incorrectly?
Failing to file correctly can result in penalties of up to $50,000 for continuing failure to file, or criminal penalties if fraud is involved.
Confusion: Do I need to file Form 8938 if my foreign assets were sold before the end of the year?
Why it happens: Example 3 shows filing is required even if assets are sold during the tax year. Safe check: Review whether any specified foreign financial asset was held for more than $75,000 at any time in the tax year.
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