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 β often with reduced or no penalties β but only if you come forward before the IRS finds you. This is where a professional earns their fee.
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
The single most common 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.
Sources and official references: FinCEN β BSA E-Filing (FBAR, Form 114); IRS β Comparison of Form 8938 and FBAR requirements; IRS β Streamlined Filing Compliance Procedures. 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.