$50,000
Unmarried individuals residing in the United States are required to file Form 8938 if the market value of their foreign financial assets is greater than $50,000 on the last day of the year or greater than $75,000 at any time during the year.

Is Form 8938 included in TurboTax?

How do I file Form 8938, Statement of Specified Foreign Financial Assets? To get to the 8938 section in TurboTax (requires Deluxe or higher): Open or continue your return if you’re not already in it. Search for 8938 and select the Jump to link at the top of the search results.

What is the Form 8938?

Use Form 8938 to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.

What happens if you don’t file an FBAR?

If the IRS determines that you committed a willful violation, it means that you did know about the requirement to file an FBAR and still chose not to report your foreign bank accounts. The consequence of this determination can include a penalty of $100,000 or 50% of the account value, whichever is higher.

What do you need to know about Form 8938?

If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest even if none of the assets affects your tax liability for the year. See Specified Individual, Specified Domestic Entity, and Reporting Thresholds, later. Exception if no income tax return required.

Is there a penalty for not filing Form 8938?

Reasonable Cause Exception for Late Filing. IRS Form 8938 Penalties may be avoided with Reasonable Cause. “No penalty will be imposed if you fail to file Form 8938 or to disclose one or more specified foreign financial assets on Form 8938 and the failure is due to reasonable cause and not to willful neglect.

Do you have to report specified foreign financial assets on Form 8938?

Reporting specified foreign financial assets on other forms filed with the IRS. If you are required to file a Form 8938 and you have a specified foreign financial asset reported on Form 3520, Form 3520-A, Form 5471, Form 8621, Form 8865, or Form 8891, you do not need to report the asset on Form 8938.

When to file Form 8938 for dual resident?

Special rule for dual resident taxpay- ers. If you are a dual resident taxpayer (within the meaning of Regulations section 301.7701(b)-7(a)(1)), who determines his or her income tax liability for all or a part of the tax year as if he or she were a nonresident alien as provided by Regulations section 301.7701(b)-7, file Form 8938 as follows.