Form 8938 is the IRS form U.S. taxpayers use to report specified foreign financial assets under the Foreign Account Tax Compliance Act (FATCA). With our fillable Form 8938, you can enter your account details, review each entry, and download a completed copy way faster than when looking for the document on the IRS website yourself.
Form 8938
2021
Monthly top‑searched
Trusted by accountants
Official IRS form
Filed annually
Form 8938
2021
Monthly top‑searched
Trusted by accountants
Official IRS form
Filed annually
Form 8938 is the IRS form U.S. taxpayers use to report specified foreign financial assets under the Foreign Account Tax Compliance Act (FATCA). With our fillable Form 8938, you can enter your account details, review each entry, and download a completed copy way faster than when looking for the document on the IRS website yourself.
How to Fill Out Form 8938
- Open the editable Form 8938 in pdf.net
- Enter your name, TIN, and filing status
- List each specified foreign financial asset
- Review all your entries for accuracy and fix potential mistakes
- Save the completed Form 8938 to a device of your choice
What Is Form 8938 Used For?
IRS Form 8938 is used to report specified foreign financial assets to the IRS under FATCA. It covers foreign bank accounts, stocks and securities held directly, interests in foreign entities, and foreign life insurance contracts with cash value, as detailed in the Form 8938 instructions.
Who Should Use Form 8938?
Form 8938 must be filed by certain U.S. citizens, resident aliens, nonresident aliens, and specified domestic entities whose specified foreign financial assets exceed the applicable IRS reporting threshold.
For taxpayers living in the United States, unmarried individuals and married individuals filing separately generally file when their assets exceed $50,000 at year-end or $75,000 at any time during the year. The thresholds are $100,000 and $150,000 for married couples filing jointly, while qualifying taxpayers living abroad are subject to higher limits.
When Is Form 8938 Due?
The Form 8938 due date matches your federal income tax return deadline, generally April 15, with an automatic extension to October 15 if you file Form 4868. Taxpayers living abroad get an automatic extension to June 15.
What Happens If Form 8938 Is Not Submitted?
If Form 8938 is not submitted, there’s an initial $10,000 penalty. If the form remains unfiled for more than 90 days after the IRS sends a notice, an additional $10,000 may apply for each 30-day period of continued noncompliance, up to an additional $50,000.
A separate 40% Form 8938 penalty may also apply to any understatement of tax attributable to an undisclosed foreign financial asset.
How and Where Do I File Form 8938?
You file Form 8938 with your annual federal tax return, such as Form 1040, rather than submitting it separately. If you file electronically, you should include Form 8938 as part of your electronic return. If you file a paper return, attach the completed form and mail the entire return to the address listed in the instructions for your applicable tax return.
How to Get Your Form 8938
1Open the printable Form 8938
2Enter your foreign asset details
3Download Form 8938 to your device
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#1. How do I get a blank Form 8938?
You can get a blank Form 8938 directly from our editor. Open the fillable version, enter your foreign asset and filing status details, and check each entry for accuracy before you save the submission-ready document; there's no need to print a blank copy first.
#2. Can I submit Form 8938 electronically?
Yes, you can submit Form 8938 electronically; it attaches to your Form 1040, so when you e-file your tax return, your tax software transmits the completed form automatically along with your other schedules. This way, no separate submission or mailing step is required.
#3. What if my Form 8938 is missing information?
If your Form 8938 is missing information, such an issue can delay processing or trigger an IRS notice requesting the missing details. Comparing your entries to a Form 8938 example can help you spot gaps before you file, since incomplete forms carry the same penalty risk as forms never filed at all.
#4. Can I fill out my Form 8938 online?
Yes, you can fill out Form 8938 online using our editor. Once you access the printable form version, type your information directly into each field, review your entries, and download the finished version without physical copies, scanning, or handwriting required at any step.
#5. Is this form free?
You can open and complete a printable Form 8938 on our platform for free, but you need a paid account if you choose to download, print, or export the finished form.
#6. Can I correct mistakes on Form 8938?
Yes, you can correct mistakes on Form 8938 any time before you download it. Our editor lets you update any field, so you can fix a wrong asset value, account name, or filing detail without starting the entire form over from scratch.
#7. How long does it take to process Form 8938?
Form 8938 does not have a separate processing timeline because the IRS reviews it as part of the federal income tax return to which it is attached. Electronically filed Form 1040 returns are generally processed within 21 days, although returns requiring additional review may take longer. Paper returns and amended returns usually require more time.
#8. Is Form 8938 the same as FATCA?
No, Form 8938 is not the same as FATCA. FATCA is the law that created the foreign asset reporting requirement, while Form 8938, the Statement of Specified Foreign Financial Assets, is the actual document taxpayers file with the IRS to comply with that law.