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What is Form 8938 used for?

Form 8938, also known as the Statement of Specified Foreign Financial Assets, is used by US citizens and green card holders living abroad to report their foreign financial assets.

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When do you need to file Form 8938?

You must file Form 8938 if your foreign financial assets exceed certain thresholds:

  • Single or Married Filing Separately:
    • Over $200,000 on the last day of the tax year.
    • Over $300,000 at any point during the year.
  • Married Filing Jointly:
    • Over $400,000 on the last day of the tax year.
    • Over $600,000 at any point during the year.

What are the penalties for late filing?

If you fail to file Form 8938 on time, penalties start at $10,000. The IRS evaluates each case individually to determine the appropriate penalty.

How can you reduce penalties for late filing?

You may be able to reduce penalties through the Streamlined Filing Compliance Procedures if you can demonstrate that your failure to file was non-willful. This program is designed to help taxpayers who unintentionally missed the filing requirements come into compliance.

Why partner with a specialist Expat accountant?

Living outside of the US can make your tax filing requirements complicated. To ensure you pay the minimum amount of taxes, it’s critical to work with an accountant who understands every aspect and avenue for reducing your tax liability. We have a dedicated team of tax accountants who work exclusively with US expats earning and investing in Germany. Partnering with a specialist expat accountant can help you navigate complex tax regulations and optimize your tax situation.


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