Can you choose just one?
Not as a general rule. FBAR is filed with FinCEN; Form 8938 belongs to the IRS tax return framework. Review each form’s applicable persons, asset coverage and thresholds.
Organize accounts and assets
- Institution and country or jurisdiction
- Owners, joint holders and signature authority
- Supporting year-end and maximum balance records
- Non-account financial assets and ownership interests
Look beyond one account
FBAR rules consider aggregate foreign account values and specific eligibility conditions. Form 8938 thresholds depend on factors including status, residence and filing status.
Next step
Check the relevant instructions separately for the year involved. Keep balances, income and other reporting information distinct in your records.
Official references
Rules and forms may change. Check the relevant year’s official guidance; this article is not a tax conclusion for a particular client.