For purposes of the 8938 (as well as FBAR/FinCEN 114) money often is counted twice. The threshold is met when the year-end balance or any single-day balance exceeds the amount for the residency and filing status.
In addition to these amounts triggering the requirement to file, the highest balance for each account, separately, needs to be reported - even if it represents the same funds being moved around. The IRS is aware that many taxpayers move money through the year (from checking to higher interest savings, for example) and understands that this is not a representation of total assets or net worth.
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