8938

Statement Of Specified Foreign Financial Assets

Agency
IRS
Revision
Rev. November 2021
Fillable fields
131
Pages
2
Official source
IRS form page
Checked
October 21, 2026
Fill 8938 online
Page 1 of form 8938

Form 8938: Statement of Specified Foreign Financial Assets

Form 8938 is the statement of specified foreign financial assets. The About page says to use it to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

Specified foreign financial assets include financial accounts at a foreign financial institution and, when held for investment outside such an account, foreign stock or securities, interests in foreign entities and contracts with a foreign issuer or counterparty. The form is attached to an annual return such as Form 1040, 1041, 1065 or 1120. The instructions say not to send it to the IRS unless it is attached to an annual or amended return.

The instructions also say filing Form 8938 does not replace FinCEN Form 114 (FBAR) for anyone otherwise required to file it. Form 8938 is a continuous-use form, revised November 2021. You can fill it out free in your browser on this page and download the result without an account.

What's on Form 8938

Lines 1 to 4: identifying information

Name, taxpayer identification number, the type of filer (specified individual, partnership, corporation or trust) and, for an entity, the specified individual or beneficiary behind it.

Parts I and II: summaries

Part I counts foreign deposit and custodial accounts and their maximum values. Part II counts other foreign assets and their maximum value, with yes or no questions on accounts closed and assets bought or sold.

Part III: tax items

Lines 13 and 14 list interest, dividends, royalties, other income, gains, deductions and credits from the assets, with the form, schedule and line where each was reported.

Part IV: excepted assets

Lines 15 to 19 take the number of Forms 3520, 3520-A, 5471, 8621 and 8865 filed that already report the assets.

Part V: each account

Lines 20 to 28 describe each deposit or custodial account: account number, opened or closed boxes, maximum value, currency exchange rate, and the financial institution's name, GIIN and address.

Part VI: each other asset

Lines 29 to 36 describe each other asset: description, identifying number, dates acquired or disposed of, a value range or amount, exchange rate, and the foreign entity, issuer or counterparty.

How to fill out Form 8938

  1. 1

    Tax year and lines 1 to 4

    Fill in the tax year at the top. Enter the name and TIN as shown on the annual return, check one box on line 3, and complete line 4 only for a partnership, corporation or trust.

  2. 2

    Part V for each account

    Enter each foreign deposit or custodial account with its maximum value. For more than one account, the instructions say to attach copies of page 2 and enter the number of additional statements on page 1.

  3. 3

    Part VI for other assets

    Describe each other asset, for example the class of shares held. Line 32 has value ranges up to $200,000 and a line for a larger value. Enter "Various" for several dates in one year.

  4. 4

    Exchange rates

    The instructions say to use the U.S. Treasury Bureau of the Fiscal Service rate on the last day of the tax year, or name another publicly available rate on lines 25 or 34 when none is provided.

  5. 5

    Parts I to IV

    Total the accounts in Part I and the other assets in Part II, list related tax items and where they were reported in Part III, and count any excepted forms in Part IV.

  6. 6

    Attach it

    Attach the finished form, with any extra page 2 statements, to the annual return it relates to.

Why fill Form 8938 on indox

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Thresholds, when to file and penalties

When and how

The instructions say to attach Form 8938 to the annual return and file by the due date (including extensions) for that return.

Thresholds in the United States

For specified individuals: more than $50,000 on the last day of the tax year or more than $75,000 at any time, unmarried or filing separately; $100,000 or $150,000 on a joint return.

Thresholds abroad

Taxpayers who meet a presence abroad test: more than $200,000 on the last day or $300,000 at any time, or $400,000 or $600,000 on a joint return. Specified domestic entities: $50,000 or $75,000.

Penalties

The instructions list a $10,000 failure-to-file penalty, an additional $10,000 for each 30-day period after 90 days from an IRS notice up to $50,000, and a 40% accuracy-related penalty.

FBAR is separate

Filing Form 8938 does not relieve the requirement to file FinCEN Form 114 for anyone otherwise required to file it.

Common mistakes

Leaving the tax year blank, listing U.S. accounts such as IRAs, forgetting to check the additional statements box, and using an exchange rate other than the last day of the tax year.

Related forms

Who files Form 8938?

  • Specified individuals

    The instructions list U.S. citizens, resident aliens for any part of the year, nonresident aliens who elect resident treatment for a joint return, and nonresident aliens who are bona fide residents of American Samoa or Puerto Rico.

  • Closely held corporations and partnerships

    A domestic corporation or partnership that a specified individual closely holds and that has at least 50% passive income or passive assets is a specified domestic entity and checks box 3b or 3c.

  • Certain domestic trusts

    A domestic trust with one or more specified persons as a current beneficiary is a specified domestic entity, with some trusts excepted, such as those with a qualifying bank trustee. It checks box 3d.

  • Assets already on other forms

    Assets reported on a timely Form 3520, 3520-A, 5471, 8621 or 8865 are not listed again. The filer counts those forms in Part IV instead.

  • Not for U.S. accounts

    The instructions say accounts at a U.S. payer, such as U.S. mutual funds, IRAs, 401(k) accounts and U.S. brokerage accounts, are not specified foreign financial assets.

The instructions say a specified person with an interest in specified foreign financial assets above the applicable reporting threshold files the form, unless an exception applies. Without an income tax return to file for the year, no Form 8938 is filed.

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Questions about Form 8938

Is Form 8938 the same as the FBAR?

No. The instructions say filing Form 8938 does not relieve the requirement to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, if that is otherwise required.

Can I send Form 8938 to the IRS on its own?

No. The instructions say not to send it unless it is attached to an annual return or an amended return.

What if I do not have to file an income tax return?

The instructions say that without an income tax return to file for the year, Form 8938 is not filed, even if the assets are above the threshold.

Do I list assets already on Form 5471 or Form 8621?

Assets reported on a timely Form 3520, 3520-A, 5471, 8621 or 8865 for the same year are not listed again. The number of those forms goes in Part IV.

How do married couples report a joint account?

The instructions say spouses filing a joint return report a jointly held account once on one Form 8938. Spouses filing separately each report its maximum value on their own form.

Is the GIIN on line 26b required?

The form marks it optional. The instructions say there is no penalty for a wrong or blank GIIN.