Reporting of Foreign Financial Accounts FAQs
Frequently Asked Questions
In addition, U.S. citizens and residents with specified foreign financial assets with an aggregate value exceeding $50,000 must report them to the IRS on Form 8938, Statement of Specified Foreign Financial Assets, attached to their federal income tax return. For further information related to this statement of specified foreign financial assets, see Information for U.S. Taxpayers on Form 8938 Requirements.
The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Report 114, Report of Foreign Bank and Financial Accounts (“FBAR”) (formerly TD F 90-22.1). For a comparison table of these two foreign account reporting requirements, see the Comparison of Form 8938 and FBAR Requirements.
Effective July 1, 2013, filers must electronically file the FBAR through the BSA E-File System. If unable to E-file, filers may contact the FinCEN Regulatory Helpline to request an exemption at 800-949-2732 or (313) 234-6146 (not toll-free, for callers outside the U.S.).
Help in completing the FBAR is available Monday – Friday, 8 a.m. to 4:30 p.m. Eastern Time, at (866) 270-0733 (toll-free inside the U.S.) or (313) 234-6146 (not toll-free, for callers outside the U.S.). Questions regarding the FBAR can be sent to FBARquestions@irs.gov. Filers residing abroad may also contact U.S. embassies and consulates for assistance.
For E-Filing system questions, call the FinCEN E-Filing Help Desk at (866) 346-9478, option 1 (M-F, 8-6 Eastern time) or email at BSAEFilingHelp@fincen.gov.