If my income is below the US tax filing requirement, do I still need to file FBAR or FATCA?
Unfortunately, even if you are making less income than the filing threshold (for 2021, $12,550 for a single individual), you must still file an FBAR if you have had more than $10,000 in your foreign accounts at any point during the year. Remember, this is an aggregate amount for all your foreign accounts.
We’d also recommend reporting for FATCA on a Federal Tax Return if your assets meet the filing threshold. There is a $10,000 failure to file penalty for those required to submit Form 8938. For single filers, if you have $200,000 or more in specified foreign assets on the last day of the year or more than $300,000 at any point during the year, you must file. If you are married filing jointly, the threshold rises to $400,000 at the end of the year and $600,000 at any point during the year.
Filing FATCA will eliminate any negative consequences that could potentially arise from not reporting.