Do I need to report 8938?

To get into the nitty gritty of it, if you’re a U.S. taxpayer who lives outside of the U.S. and holds a total combined value of foreign assets worth more than $300,000 at any time during the year (or $200,000 on the last day of the year) you need to report it on Form 8938.

What is the difference between FBAR and 8938?

FBAR, is that the Form 8938 is only filed when a person meets the threshold for filing AND has to file a tax return. So, if a person does not have to file a tax return (because for example, they are below the threshold) than the 8938 is not required in the current year either.

What are the requirements for FinCEN Form 8938?

Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) Financial (deposit and custodial) accounts held at foreign financial institutions. Yes. Yes. Financial account held at a foreign branch of a U.S. financial institution. No. Yes

What do you need to know about FinCEN Form 114?

FinCEN Form 114 (formerly known as FBAR, or Foreign Bank Account Report) meanwhile. is specifically for reporting bank accounts abroad, including in foreign branches of US institutions where one has $10,000 or more (in aggregate, in all accounts) at any time during the tax year.

What’s the difference between Form 8938 and FBAR?

Comparison of Form 8938 and FBAR Requirements. The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.

Is the foreign pension plan reportable on FinCEN 114?

Is Foreign Pension FBAR Reportable: Yes. In an nutshell, the Foreign Pension Plans are Reportable on the FBAR. The FBAR is Foreign Bank and Financial Account Form (FinCEN Form 114). It is an electronic form that is filed each year the person has an annual aggregate total in their foreign bank accounts that exceeds $10,000.