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For specified individuals living in the United States, the Form 8938 threshold is more than $50,000 on the last day of the tax year or more than $75,000 at any time for an unmarried taxpayer or a married taxpayer filing separately. For married taxpayers filing jointly, the thresholds are more than $100,000 at year-end or more than $150,000 at any time. The taxpayer must also have an income-tax return filing obligation and satisfy the other Form 8938 rules.

For taxpayers who qualify as living abroad under the Form 8938 rules, the threshold is more than $200,000 on the last day of the tax year or more than $300,000 at any time for an unmarried taxpayer or a married taxpayer filing separately. For married taxpayers filing jointly, the thresholds are more than $400,000 at year-end or more than $600,000 at any time. The higher thresholds are not triggered merely by physically selecting 'abroad'; the IRS applies specific tax-home and foreign-presence or bona-fide-residence tests.

Not automatically on both forms. Foreign pensions and deferred-compensation plans can be specified foreign financial assets for Form 8938 when the applicable reporting threshold is met. FBAR has a separate definition of reportable foreign financial accounts and specific exceptions; for example, accounts held in an individual's IRA or in a U.S. tax-qualified retirement plan are excluded from FBAR reporting. Foreign retirement arrangements must therefore be analyzed under the specific rules rather than assuming every pension, PPF, EPF, or superannuation account is reportable on both forms.

Failure to file a complete and correct Form 8938 can result in an initial $10,000 penalty. If the IRS notifies the taxpayer of the failure and the form is not filed within the applicable period, continuation penalties of $10,000 for each 30-day period can apply, subject to the statutory maximum. Separately, an additional 40% penalty can apply to underpayments of tax attributable to undisclosed specified foreign financial assets under the applicable rules. These are separate from FBAR penalties.

Sometimes. FBAR and Form 8938 are separate reporting regimes under Title 31 and Title 26. Certain foreign financial accounts are reportable on both forms, but the definitions and asset categories are not identical. Some assets are reportable on Form 8938 but not FBAR, and some accounts can be reportable on FBAR but not Form 8938. Filing one form does not automatically satisfy the other form's requirements.

No. The higher thresholds for taxpayers living abroad apply only when the taxpayer satisfies the IRS's applicable foreign-residence test. This generally involves having a tax home in a foreign country plus either bona fide residence for an uninterrupted period that includes the entire tax year or physical presence in foreign countries for at least 330 full days during a qualifying 12-month period ending in the tax year.

No. FBAR applies to qualifying foreign financial accounts, not every type of foreign asset. The aggregate-account test is based on reportable foreign financial accounts and the taxpayer's financial interest or signature/other authority. Certain assets and accounts have specific exceptions.

No. Form 8938 applies to specified foreign financial assets, which is a broader but different category from FBAR accounts. Depending on the facts, Form 8938 can cover foreign financial accounts, foreign stocks or securities held outside a financial account, certain foreign partnership interests, foreign-issued life insurance or annuity contracts with cash value, foreign pensions and other specified assets. Directly held foreign real estate and certain other assets have different treatment.

Yes. Some foreign financial accounts must be reported on both forms. However, the forms are not duplicates of one another: each has different definitions, exceptions, valuation rules, and reporting fields. You should determine the filing requirement for each form separately.

No. The FBAR civil penalty is a maximum or otherwise applicable penalty determined under the Bank Secrecy Act and related rules, not an automatic $10,000 charge in every case. The applicable amount is adjusted for inflation, and reasonable cause can affect whether a penalty applies. Willful and non-willful violations are treated differently.