If you're a US person with foreign accounts, two reporting regimes potentially apply. The FBAR (FinCEN 114) triggers at $10K aggregate at any point during the year. Form 8938 triggers at thresholds that vary by filing status and US-vs-abroad residence. Both have severe penalties for non-filing. Type your numbers; see which forms apply.
The FBAR (FinCEN 114) is a Treasury-side report; Form 8938 is an IRS-side report filed with Form 1040. Both cover foreign financial accounts but with different thresholds and asset definitions. Common foreign retirement accounts, foreign-issued life insurance with cash value, and foreign mutual funds typically trigger both forms. Foreign real estate held directly triggers neither. The Bittner Supreme Court decision (2023) capped the non-willful FBAR penalty at the per-form level rather than per-account — a major reduction but the penalty regime remains punitive.
Aggregate foreign financial accounts >$10K at any point during the calendar year. Includes bank accounts, brokerage accounts, mutual funds, foreign retirement plans, and certain insurance. Filed by April 15 with automatic extension to October 15.
Specified foreign financial assets above filing-status-and-residence thresholds. Filed with Form 1040. Reaches additional assets beyond FBAR: directly-held foreign securities, beneficial interest in foreign trusts, foreign pension assets in some cases.
The FBAR / FATCA chapter — both reporting regimes, the overlap matrix for 12 common asset types, FATCA chapter-4 withholding by US payors, and the Streamlined Filing Compliance Procedures eligibility flowchart. Get the chapter and the launch notice.