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March 24, 2021
Question

1.Should I complete FATCA(Form 8938)? I have more than $50000 on the last day of 2020 in my foreign accounts.

  • March 24, 2021
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DoninGA
Employee
March 24, 2021

You are required to report the foreign assets on a Form 8938 if you are a living in the US or you will be subject to some large monetary penalties if you do not report those assets with your tax return.

 

IRS website for comparison between Form 8938 and FBAR reporting requirements - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements