FATCA Reporting and Compliance
Included with Your Tax Return
FREE
- Form 8938 (Foreign Financial Assets)
- Review of all foreign accounts and investments
- Integrated with Form 1040 and all required schedules
- Guidance on thresholds and reporting requirements
- Fully handled by our expert team
Who is this for?
You only need to file FATCA if you meet the thresholds
FATCA reporting (Form 8938) is required only if your foreign financial assets exceed certain thresholds — and those vary depending on where you live and your filing status:
U.S. residents must file if their total foreign assets exceed:
- $50,000 (single) or $100,000 (married filing jointly) at year-end
- $75,000 (single) or $150,000 (joint) at any point during the year
U.S. expats must file if their total foreign assets exceed:
- $200,000 (single) or $400,000 (married filing jointly) at year-end
- $300,000 (single) or $600,000 (joint) at any point during the year
If your assets are above these limits, you’re required to file FATCA — and we’ll take care of it as part of your tax return, at no extra cost.
Why 1040 Abroad?
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Frequently asked questions
What is FATCA and who needs to file Form 8938?
FATCA (Foreign Account Tax Compliance Act) is a U.S. law that requires American citizens, Green Card holders, and certain U.S. residents to report foreign financial assets over specific thresholds. If you meet the FATCA thresholds, you must file Form 8938 with your annual U.S. tax return.
What foreign assets must be reported under FATCA?
Under FATCA, you must report foreign bank accounts, brokerage accounts, mutual funds, foreign pensions, and even certain foreign life insurance policies. FATCA Form 8938 includes a wide range of financial assets held outside the U.S.
What’s the difference between FATCA (Form 8938) and FBAR (FinCEN 114)?
FATCA and FBAR are both foreign asset reporting requirements, but they serve different purposes. FATCA Form 8938 is filed with your IRS tax return and includes foreign financial assets. FBAR (FinCEN Form 114) is filed separately and reports foreign bank accounts exceeding $10,000 in total. Many taxpayers must file both.
What are the penalties for not filing FATCA Form 8938?
Failing to comply with FATCA reporting can lead to severe IRS penalties, starting at $10,000 per violation. Continued noncompliance or intentional disregard can result in even higher fines. Filing FATCA on time ensures full U.S. tax compliance and avoids unnecessary penalties.
