Other Foreign Financial Reporting for Expats

Individuals also may need to file Form 8938, Statement of Specified Foreign Financial Assets, in addition to the FBAR. The IRS promulgated this form to help implement withholding rules and other enforcement measures under the Foreign Account Tax Compliance Act (FATCA). Individuals must report specified foreign financial assets (SFFAs) on Form 8938 if the person meets certain requirements and their interests in SFFAs exceed certain thresholds.

Reporting threshold 

• Unmarried individuals (or those who file MFS): total value of assets more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.
• Married individuals: total value of assets more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Those living outside of the U.S.:

• Unmarried individuals (or those who file MFS): total value of assets more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.
• Married individuals: total value of assets more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.