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IRSCredits & Incentives (8800/8900 Series)

Official form guide

Form 8938: 8938

Form 8938 is the IRS Statement of Specified Foreign Financial Assets. Taxpayers attach it to their annual income tax return when they meet asset thresholds for foreign accounts, securities, or other financial assets.

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Form Overview

IRS Form 8938 - 8938

Form 8938 is the IRS Statement of Specified Foreign Financial Assets. Taxpayers attach it to their annual income tax return when they meet asset thresholds for foreign accounts, securities, or other financial assets.

The form captures asset type, issuer, account number, maximum value during the year, and the country where the asset is held.

Risk Radar

Scan points
  • 1Even a single omitted foreign asset can trigger a $10,000 penalty.
  • 2Missing an asset that meets the threshold
  • 3Incorrect conversion of foreign currency to USD
  • 4Using the wrong filing year for assets acquired mid‑year
  • 5Leaving a required part blank

Plain English

If you own foreign bank accounts, stocks, or similar assets that exceed certain dollar amounts, the IRS wants a list of them. You file this form with your regular tax return, not as a separate filing.

Submission Date

  • Filing date: 2021-12-22 22:10:49
  • Preparation window: collect IDs, supporting records, and signatures in advance.
  • Final review: verify names, dates, and required fields before submission.

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Glossary Terms

income taxfinancialmaximumforeignexceedissuerincome

Hover a term to preview the meaning.

What this form is for

  • Use when total foreign assets exceed the filing threshold for your filing status.
  • Do not use if you only need to report foreign bank accounts under $10,000 and you already filed FinCEN Form 114 (FBAR).
  • Check Form 3520 for reporting foreign trusts or gifts; Form 8938 does not replace it.

Form selector

Use this form or another form?

Foreign bank account > $10,000

FBAR is a separate Treasury filing

✓ Verify both may be required

FinCEN Form 114 (FBAR)

Foreign corporation ownership > $50,000

5471 reports ownership, not asset value

✓ Confirm which thresholds apply

Form 5471

Foreign partnership interest > $0

8865 covers partnership activity

✓ Use 8938 only for asset value

Form 8865

Deadline or filing window

Form 8938 is due when your individual income tax return is due, typically April 15 of the following year, plus any extensions you have filed. If you file an extension, the form must be attached to the extended return.

  • —Highest foreign value (USD) | Sum of converted amounts | Total reported value | Verify conversion rates are from the last business day of the tax year

Checklist

What you need before filling it out

1

Asset type

Account statement or broker report · Asset statements, brokerage confirmations

⚠ Often omitted for small holdings✕ Medium
2

Maximum value

Year‑end statement or highest balance · Bank/ brokerage statements

⚠ Using opening balance instead of peak✕ High
3

Country of issuer

Account opening documents · Account agreement, passport

⚠ Confusing when a bank has multiple branches✕ Low
4

Account number

Statement header · Bank statements

⚠ Transposing digits✕ Medium
5

Currency conversion

IRS yearly average rate table · IRS Publication 540

⚠ Using spot rate on a single day✕ Low

Before you submit

  1. 1All foreign assets above the threshold are listed
  2. 2Values are converted to USD using the correct IRS rate
  3. 3Both Part I and Part II are completed as applicable
  4. 4Signature (paper) or electronic acknowledgment is present
  5. 5Form is attached to the correct tax return (1040, 1040‑NR, etc.)
  6. 6PDF version is legible and not password‑protected
  7. 7If filing jointly, both spouses have reviewed the form
  8. 8Copies of supporting statements are retained for records
  9. 9Check that the tax year on the form matches the return

How to file this form

  1. 1Collect all foreign account statements for the tax year.
  2. 2Convert each asset’s highest balance to USD using the IRS yearly average rate.
  3. 3Enter each asset into the appropriate part of Form 8938.
  4. 4Review for completeness and correct any blank required fields.
  5. 5If filing paper, sign and attach to Form 1040; if e‑filing, upload through your tax software.
  6. 6Submit the combined return by the filing deadline.
  7. 7Keep a copy of the completed Form 8938 and supporting documents.

Known limitations

  1. 1Form does not replace FBAR (FinCEN Form 114).
  2. 2Thresholds differ by filing status; verify the correct amount.
  3. 3Only assets owned directly or indirectly through certain entities are reportable.
  4. 4The form does not capture income earned from foreign assets; that is reported elsewhere.

Field map

Compact field-by-field guide

6 fields

Entity Info

1 items

Taxpayer Name and TIN

Name and taxpayer ID of the entity claiming the credit.

Requiredtext

Credit Info

1 items

Credit Type

Type of credit or incentive being claimed.

Requiredselect

Calculation

2 items

Qualifying Amount

The base amount used to calculate the credit.

Requiredamount
Credit Amount

Calculated credit amount after applying formulas and limitations.

Requiredamount

Certification

1 items

Supporting Information

Detailed breakdown supporting the credit calculation.

text

Signatures

1 items

Signature

Sign and date the form.

Requiredsignature
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Current form status
IRS

Form 8938 is currently in its 2024 edition, aligned with the 2023 tax year filing. No fee is required; the form is free from the IRS website.

What changed or needs a fresh check

  • Edition date: 2024 (covers tax year 2023)
  • Fee: None
  • Mailing address: Not applicable for e‑file; attach to paper Form 1040 and mail to the address on your tax return instructions
  • Electronic filing: Supported by most tax software
  • Signature: Required if filing on paper

Form Preview

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Form 8938 page 2

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Quick Facts

U.S. citizens, resident aliens, and certain domestic entities that have specified foreign financial assets above the reporting threshold must file.
The form captures asset type, issuer, account number, maximum value during the year, and the country where the asset is held.
Attach Form 8938 to the tax return for the year in which the asset value exceeds the threshold; the deadline matches the return’s filing deadline, including extensions.
File electronically with the tax return through approved tax software or attach a paper copy when filing a paper Form 1040. No separate mailing address is required.
Errors can trigger penalties up to $10,000 per year, and the IRS may audit your foreign asset reporting, leading to additional tax and interest.
1. Gather statements for all foreign accounts and assets. 2. Determine the highest value of each asset during the tax year in U.S. dollars. 3. Complete Part I for foreign financial accounts and Part II for other foreign assets. 4. Attach the completed Form 8938 to your Form 1040 before filing.

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After you file

  1. 1Store the signed Form 8938 and all supporting statements for at least seven years.
  2. 2Monitor foreign asset values for the next tax year to see if reporting is still required.
  3. 3Update your records if you sell, transfer, or close an asset before the next filing.
  4. 4If you receive a notice from the IRS, compare the reported figures to the notice details.
  5. 5Consider a professional review if you have complex foreign holdings.

Sources

  • SRCIRS Form 8938 instructionsasset thresholds and filing requirements
  • SRCIRS Publication 540foreign currency conversion rates
  • SRCIRS websitefiling deadline aligns with individual income tax return
  • SRCIRS instructionsno filing fee for Form 8938
  • SRCIRS guidanceelectronic filing supported by major tax software
  • SRCIRS instructionssignature required on paper filings

Common confusion points

Threshold amount

Different thresholds for single vs. married filing jointly

→ Verify your filing status

FBAR vs. Form 8938

Both may be required for the same account

→ Check both requirements

Currency conversion method

IRS uses yearly average, not spot rate

→ Use Publication 540 rates

Asset classification

Some assets fit both Part I and Part II

→ Choose the section that best describes the asset

Reporting for spouses

Jointly owned assets must be reported by the filing spouse

→ Confirm who is the primary filer

Workflow map

Related forms and next steps

5 signals

Before

Determine filing status and asset thresholds

Current

8938

After

Attach to Form 1040, 1040‑NR, or applicable return

Often used with

FinCEN Form 114 (FBAR) when account balances exceed $10,000Form 3520 for foreign trusts and gifts

⚠ If something goes wrong

  • IRS notice of under‑reported foreign assets – review Form 8938 for missing items

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Source transparency

Copyright & Licensing - US Government Forms

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Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
Public DomainCreated by the U.S. federal government. Not subject to copyright (17 USC § 105). Freely copyable without restriction.
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