Guides / FBAR · Form 8938
Do I need to file FBAR or Form 8938?
It’s usually the first question that trips up Korean-American asset holders with money overseas (Korea included). Start with the threshold table below, then run your own numbers through the calculator at the end.
FBAR and Form 8938 are two separate filings
People lump them together as “foreign account reporting,” but they rest on different statutes and go to different places. FBAR (FinCEN Form 114) is filed separately with FinCEN at Treasury under the Bank Secrecy Act. Form 8938 (FATCA) is filed under IRC §6038D as an attachment to your Form 1040. Cross the threshold and it’s common to owe both — filing one doesn’t mean you’re covered.
Filing thresholds [CONFIRMED]
FBAR has one threshold, regardless of filing status or residency.
FBAR — everyone must file if the aggregate maximum balance during the year exceeds $10,000
Basis: 31 U.S.C. §5314, 31 CFR §1010.350
Form 8938 splits four ways by residency and filing status. Filing is required if either your year-end balance or your max-during-year balance crosses its threshold.
| Residency · Filing Status | Year-End | Max During Year |
|---|---|---|
| US resident · Single/MFS/HoH | $50,000 | $75,000 |
| US resident · MFJ | $100,000 | $150,000 |
| Abroad · Single/MFS/HoH | $200,000 | $300,000 |
| Abroad · MFJ | $400,000 | $600,000 |
Basis: IRC §6038D · HoH is treated as unmarried (Single) under IRS rules
Deadlines
- FBAR: due April 15, with an automatic extension to October 15 — no separate request needed.
- Form 8938: no separate deadline of its own — since it’s attached to Form 1040, it follows your income-tax filing deadline (and any extension you file for that pushes it back too).
Mistakes people actually make
- “This one account is under the threshold, so I’m fine” — the threshold applies to the combined total of every foreign account you hold, not any single one. Two accounts at $6,000 each add up to $12,000 — over the FBAR line.
- How crypto accounts get treated — whether foreign-exchange virtual-asset custodial accounts count toward FBAR is still [ASSUMED], under active regulatory discussion. If it’s finalized, it could widen what crypto custodial balances need reporting — worth tracking through a regulation-change alert.
- Does each spouse file separately? — even for a jointly-held account, each spouse generally has to file their own FBAR (one spouse can file for both only if a specific joint-filing exception is met). Check how the account is actually titled first.
Run your own numbers
Enter your filing status, residency, and balances, and get an FBAR / Form 8938 determination — with its legal basis — in 60 seconds. No sign-up needed to try the calculation.
Check with the FBAR · 8938 calculator →Related reading: Ebook series
※ This guide is general information, not tax or legal advice. Thresholds and rules can change — have a licensed professional (CPA/EA) review your actual filing before you submit it.