FBAR & FATCA
FBAR vs FATCA (Form 8938): What's the Difference?
By the Elite B Tax Services team 5 min readUpdated October 1, 2026
The short answer
The FBAR (FinCEN Form 114) is filed with FinCEN when your foreign accounts together exceed $10,000 at any time in the year. Form 8938 (FATCA) is filed with your IRS tax return and has much higher thresholds — for a single person living in the U.S., more than $50,000 at year-end or $75,000 at any time. Many people must file both; one never replaces the other.
Side-by-side comparison
| FBAR (FinCEN 114) | Form 8938 (FATCA) | |
|---|---|---|
| Filed with | FinCEN, online (BSA E-Filing) | The IRS, attached to your tax return |
| Threshold | All foreign accounts together over $10,000 at any time in the year | Higher — depends on filing status and where you live (see below) |
| Due date | April 15, automatic extension to October 15 | Same as your tax return, including extensions |
| Accounts you can only sign on | Reported | Not reported |
| Foreign shares held directly | Not reported | Reported |
| Foreign mutual funds | Reported | Reported |
| Foreign real estate held directly | Not reported | Not reported |
| Penalty for not filing | Non-willful up to $10,000 (inflation-adjusted); willful up to the greater of $100,000 or 50% of the balance | Up to $10,000, plus up to $50,000 more if you don't file after an IRS notice |
Form 8938 thresholds
| You are… | Living in the U.S. | Living outside the U.S. |
|---|---|---|
| Single or married filing separately | More than $50,000 on the last day of the year, or more than $75,000 at any time | More than $200,000 on the last day of the year, or more than $300,000 at any time |
| Married filing jointly | More than $100,000 on the last day of the year, or more than $150,000 at any time | More than $400,000 on the last day of the year, or more than $600,000 at any time |
Form 8938 is only required if you must file a U.S. income tax return for the year. The FBAR has no such condition.
Do I need to file both?
Often, yes. Anyone above the Form 8938 threshold is almost always above the $10,000 FBAR threshold too. Filing Form 8938 does not satisfy the FBAR requirement, and filing an FBAR does not satisfy Form 8938.
- Add up the highest balance of every foreign account for the year. Over $10,000? File an FBAR.
- Add up your foreign financial assets (accounts plus directly held foreign shares, funds and similar) at year-end and at their peak. Over your 8938 threshold? Attach Form 8938 to your return.
- Report the income from those assets on your return, with foreign tax credits where they apply.
A quick example
Priya is single, lives in Texas on an H-1B, and has an NRO account ($8,000 at its peak), a fixed deposit ($30,000) and Indian shares in a demat account ($25,000) — about $63,000 in total at the end of the year.
- FBAR: yes — her accounts together are well over $10,000. She lists the NRO account, the FD and the demat account.
- Form 8938: yes — her foreign assets are over $50,000 at year-end.
- Tax return: the NRO and FD interest and any dividends or gains go on her Form 1040.
Sources: IRS — Comparison of Form 8938 and FBAR requirements · IRS — FATCA information for individuals · IRS — Report of Foreign Bank and Financial Accounts (FBAR)
This guide is general information, not tax or legal advice for your situation. Rules and inflation-adjusted amounts change — contact us before you file. Read our disclaimer and editorial policy.