Overview

FBAR and FATCA are two separate reporting regimes. FBAR is enforced by FinCEN (Financial Crimes Enforcement Network) and focuses on foreign financial accounts. FATCA is enforced by the IRS and covers specified foreign financial assets reported on Form 8938 as part of your federal income tax return. Both aim to counter offshore tax evasion but have different thresholds, forms, and filing channels (FinCEN BSA E-Filing for FBAR; IRS Form 8938 attached to your tax return for FATCA).

Key differences at a glance

  • Trigger: FBAR — aggregate foreign account balances > $10,000 at any time during the year. FATCA — specified foreign assets exceeding thresholds that depend on filing status and whether you live in the U.S. or abroad (see details below). (FinCEN; IRS)
  • Form & filing portal: FBAR — FinCEN Form 114 filed electronically via BSA E-Filing. FATCA — Form 8938 filed with your annual 1040. (FinCEN; IRS)
  • Penalties: Different enforcement regimes and penalties apply; both can be severe. See authoritative guidance linked below.

FATCA thresholds (common cases)

  • Single taxpayer living in the U.S.: file Form 8938 if total specified foreign financial assets exceed $50,000 on the last day of the tax year OR $75,000 at any time during the year.
  • Married filing jointly (living in the U.S.): $100,000 on the last day OR $150,000 at any time.
  • Taxpayers living abroad (single): $200,000 on the last day OR $300,000 at any time; married filing jointly: $400,000/$600,000 respectively. (IRS Form 8938 Instructions)

Who must file which form

  • FBAR (FinCEN Form 114): U.S. citizens, U.S. residents, certain nonresident aliens, trusts, estates, and entities with signature authority or financial interest in foreign bank, brokerage, or other financial accounts whose aggregate foreign account value exceeded $10,000 at any time during the calendar year. (FinCEN)
  • FATCA (Form 8938): Individuals who are specified U.S. persons and whose specified foreign financial assets exceed the applicable threshold must report those assets on Form 8938 with their tax return. Not all assets are ‘‘specified’’—some are excluded or reported elsewhere. (IRS)

Why you might owe both

They overlap. Example: if you’re a U.S. citizen with two foreign bank accounts that together peaked at $20,000, you must file an FBAR. If those accounts plus other foreign assets push you over the Form 8938 threshold for your filing status, you must also include Form 8938 with your 1040. FBAR and FATCA do not substitute for one another—file both when applicable. See related FinHelp guides: FBAR vs. Form 8938: What to File for Foreign Financial Accounts and Reporting and Amending FBAR and Form 8938 Disclosures.

Common scenarios

  • U.S. expat with multiple foreign bank accounts: likely FBAR required if aggregate > $10,000; FATCA depends on total specified foreign assets and higher thresholds for overseas residents.
  • U.S. resident with foreign brokerage and cash accounts: FBAR looks at account balances; FATCA looks at asset values, including some investments that FBAR may not cover.
  • Signatory or joint owner: FBAR and FATCA rules differ on who is considered to have a financial interest—review both sets of rules before assuming you’re exempt.

Important filing details

  • FBAR: file electronically via the BSA E-Filing System (FinCEN). Deadline is April 15 with an automatic extension to October 15 (check FinCEN for current procedures). (FinCEN)
  • FATCA: attach Form 8938 to your federal income tax return (Form 1040) by the tax filing deadline; extensions to file your return generally apply. (IRS)

Common mistakes to avoid

  • Assuming FBAR covers FATCA (or vice versa). They’re separate filings.
  • Forgetting that FBAR uses the calendar year while Form 8938 uses tax-year reporting and different valuation rules for assets.
  • Missing signature-authority rules: you may need to file FBAR even if you don’t own an account but have signatory authority.

Practical tips

  1. Keep a consolidated foreign-asset tracker that records highest balances during the year and fair-market values on year-end for Form 8938 calculations.
  2. When in doubt, consult a CPA or tax attorney with international experience—errors can be costly. (See FinHelp guide: When to Hire a Tax Professional: Signs Your Case Needs Expert Help).
  3. If you missed a filing deadline, don’t ignore it—voluntary disclosure and penalty-mitigation programs exist but should be navigated with professional help.

Authoritative sources

Professional disclaimer

This article explains general rules and does not replace personalized tax advice. For guidance tailored to your situation, consult a licensed tax professional or CPA who specializes in international tax compliance.

Last reviewed: 2025 — information and links are current to official FinCEN and IRS guidance but subject to change.