FACTA - total threshold fo all foreign accounts is $100K, but the question on Turbotax page shows $10K. Is this an error or has the threshold been lowered to 10K?

[ToddL · Accepted solution]

It is a little more complicated than that. "FATCA" includes both Form 8938 and FBAR Requirements, and they are different:

For Form 8938, Statement of Specified Foreign Financial Assets, the Reporting Thresholds (Total Value of Assets) are:

Specified individuals living in the US:

• Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

• Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Specified individuals living outside the US:

• Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.
• Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.

For  FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) the Reporting Thresholds (Total Value of Assets) are:

• Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year. This is a cumulative balance, meaning if you have 2 accounts with a combined account balance greater than $10,000 at any one time, both accounts would have to be reported.