Form 8938 vs FBAR? I have on my FBAR 1 Pension plan from a Canadian entity (no contribution received yet), two RRSP and one LIRA. Do both documents must match?

[DaveF1006]

No, Form 8938 and FBAR do not need to “match,” but they must both be accurate and consistent with your actual accounts. They have different thresholds, different reporting rules, and sometimes require reporting different details, so it’s normal for the two forms not to look identical. 

1. FBAR (FinCEN 114): Required if all your foreign accounts combined exceed $10,000 USD at any time during the year. Your RRSPs, LIRA, and foreign pension all count as foreign financial accounts. 
2. Form 8938 (FATCA): Required only if your total foreign financial assets exceed much higher thresholds. Those requirements are:

• Single/Married Separately: Total assets >$50,000 on the last day of the year or >$75,000 at any time during the year
• Married Filing Jointly: Total assets >$100,000 on the last day of the year or >$150,000 at any time during the year.
• Living Abroad (Expats):
• Single/Married Separately: Total assets >$200,000 on the last day of the year or >$300,000 at any time during the year.
• Married Filing Jointly: Total assets >$400,000 on the last day of the year or >$600,000 at any time during the year.

Summary Checklist

• FBAR: List all 4 accounts (Pension, 2 RRSPs, 1 LIRA) on the FinCEN website.
• Form 8938: List all 4 accounts again in the detailed sections (Part V/VI).
• Part IV: Leave this blank (or "0") regarding these specific accounts, as FBAR is not one of the "Excepted" forms listed.

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[Bisso Steve]

Thank you DaveF1006.

Appreciate your answer, however I am not sure what you meant by

• Part IV: Leave this blank (or "0") regarding these specific accounts, as FBAR is not one of the "Excepted" forms listed.

Can you please elaborate? if the total amount is above 800K, why leaving as 0. What do you mean abou " as FBAR is not one of the "Excepted" forms listed"

Thanks again

[DawnC · Accepted solution]

Part IV is only for Excepted Specified Foreign Foreign Assets.   You will be reporting the 800K in Part V & Part VI.   Part IV does not take a dollar amount, you are entering the number of forms for that section.   You have zero forms for that section.   

The FBAR (FinCEN 114) is not an IRS tax form.  It’s a Treasury Department form and it is not a "specified" tax form listed in the Part IV instructions of Form 8938, but you still have to enter the details (in Part V/VI).   So, you enter "0" in Part IV to indicate: "I have not reported these specific assets on any of the other 'excepted' IRS forms.''