Keep in mind that those filing FBAR aren’t taxed on the balance of the accounts or anything of the sort–it’s truly just a reporting requirement so that the IRS knows what money lies overseas.

Who Must File Form 114?

Whether you live in the U.S. or abroad, every U.S. person (U.S. citizens, green card holders, resident aliens) is required to file FinCEN Form 114 if they are an owner, nominee, or can control the distribution of the account’s funds.

What’s the difference between Form 114 and Form 8938?

All Americans have to file US taxes, reporting their global income. Expat Americans also often have to file additional reporting forms. Many expats aren’t aware though what exactly these additional reporting requirements involve, and in particular the difference between FBAR and FATCA reporting, or Form 114 vs 8938.

Where to file Form 8938 and FinCEN Form 114?

It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS. Individuals and domestic entities must check the requirements and relevant reporting thresholds of each form and determine if they should file Form 8938 or FinCEN Form 114, or both.

What’s the difference between Form 8938 and FBAR?

Comparison of Form 8938 and FBAR Requirements. The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.

When do you not have to file Form 8938?

Exception if no income tax return required. If you do not have to file an income tax return for the tax year, you do not have to file Form 8938, even if the value of your specified foreign financial assets is more than the appropriate reporting threshold.