If I have foreign assets greater than 10K but less than 100K so Form 8938 not required Is FBAR submission still required?

[eleanorian]

If as a resident alien I have foreign assets greater than 10K but less than 100K is form 8938 required and FBAR submission required?

[KeshaH]

Maybe.

If the total value of your foreign financial accounts, such as bank accounts, exceeds $10,000 during the calendar year, you'd still need to file a Form 114. TurboTax can now file these reports, however you can also file directly with FinCEN.

You'll need to file a Form 8938 if the value of your foreign financial accounts exceeds $50,000 on December 31 (or $100,000 if married filing jointly) or $75,000 ($150,000 if married filing jointly) at any point during the year. This form is filed with your tax return. Even if you aren't required to file a Form 8938 with the IRS, you may still be required to file Form 114 with FinCEN.

For more information, please see:

- Report of Foreign Bank and Financial Accounts 

- Instructions for Form 8938

- How do I file an FBAR report (FinCEN 114)?

[Edited 1/22/25 at 3:18pm PST]