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FATCA Reporting

FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:

Single filing:

  • $200,000 on the last day of the year
  • Or $300,000 at any point during the year

Married filing jointly:

  • $400,000 on the last day of the year
  • Or $600,000 at any point during the year

Specified foreign assets include (but are not limited to):

  • Any financial account maintained by a foreign financial institution
  • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
  • Stock or securities issued by someone other than a US person
  • Any interest in a foreign entity
  • Any financial instrument or contract that has as an issuer or counterparty that is other than a US person

Specified foreign assets would include your foreign bank accounts, but not assets such as your home.

The fee to file Form 8938 includes reporting of up to 5 accounts. If there are more than 5 accounts to report, there is an additional fee of $50 for each additional 5 account block.

Greenback always offers:

  • Expertise. You work one-on-one with a highly experienced CPA or IRS Enrolled Agent who understands the ins and outs of filing all expat forms, including Form 8938.
  • Experience. With clients in 217 countries and territories, our team of accountants has prepared thousands of tax returns and special forms for our clients.
  • Security. We use the highest level of data encryption to ensure that your private information is protected at all times.
  • Simplified tax prep. We make this easy for you! Provide your accountant with your account details and then it’s up to them to do the heavy lifting!
Cost: $100+ USD
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Providing unbeatable peace of mind to expats around the world.

FATCA & Form 8938 Preparation FAQ

  • What is Form 8938?

    Form 8938 is the report required under the Foreign Account Tax Compliance Act (FATCA). This requires individuals or businesses with foreign accounts meeting certain reporting thresholds to file Form 8938 with the IRS.

    Form 8938 is part of your US federal tax return, and as such, will have the same filing deadline, including extensions. For more information on Form 8938 and FATCA, please check out our in-depth article about Form 8938.

  • Do I need to complete the FATCA form?

    FATCA (Foreign Account Tax Compliance Act) Form 8938 must be completed by US expats residing outside the US if specified foreign assets exceed the following thresholds:

    Single filing:

    • $200,000 on the last day of the year
    • Or $300,000 at any point during the year

    Married filing jointly:

    • $400,000 on the last day of the year
    • Or $600,000 at any point during the year

    Specified foreign assets include (but are not limited to):

    • Any financial account maintained by a foreign financial institution
    • Other foreign financial assets held for investment that are not in an account maintained by a US or foreign financial institution, namely:
    • Stock or securities issued by someone other than a US person
    • Any interest in a foreign entity
    • Any financial instrument or contract that has as an issuer or counter-party that is other than a US person

    Specified foreign assets would include your foreign bank accounts, but not assets such as your home.

    The fee to file Form 8938 includes reporting of up to 5 accounts. If there are more than 5 accounts to report, there is an additional fee of $50 for each additional 5 account block.

  • What is the FATCA threshold for Americans living overseas?

    Having foreign accounts over a certain threshold often necessitates additional form filing. Under FATCA regulations, if an individual has more than $50K in a foreign account, they must file Form 8938. Fortunately though, these thresholds are much higher for Americans living abroad – roughly $200K is needed to trigger the requirement filing as single (or $400,000 if married filing jointly). As such, if you do not have more than $200K in foreign accounts, FATCA is unlikely to impact you.

    One other form you should know about is the FBAR. The FBAR is needed if you have more than $10K in foreign accounts. If this is the case, you would need to file the last 6 years to be considered caught up. We can file the FBAR for as little as $100 per year, and this covers reporting up to five accounts.

  • Who are your accountants?

    The Greenback team works virtually across the US and around the world.

    This flexible structure allows us to find the most experienced accountants and professionals, regardless of where they live and also helps us to better serve Americans living abroad around the world.

    We hand select only the most experienced, knowledgeable and friendly professionals for our team. Our accountants specialize in handling international tax matters and bring with them a wealth of expat accounting expertise.

  • What are the important US tax deadlines?

    April 15th, June 15th, and October 15th

    *If the 15th falls on a weekend, then the due date becomes the first business day of the following week.

    Expatriates must be aware of the following deadlines for their US expat tax return.

    April 15th*:

    US filing deadline and the date that tax payments are due, even for expats.

    June 15th:

    US expats receive an automatic extension until June 15th to file their US taxes; note that taxes are due on April 17th, and interest (but no penalties) will be applied if taxes are not paid by April 17th. Penalties will apply if taxes are not paid by June 15th. The 15th is also the FBAR deadline for US expats; however, there is an automatic extension until the October 15th deadline.

    October 15th:

    Final deadline for expat tax returns for those who have filed for an extension. This is also the final deadline for filing an FBAR.

    Please Note: The US Federal tax return extension is an extension of time to file and not an extension of time to pay any tax due to the IRS. If you owe tax to the US, your interest will start accruing from the first tax deadline – April 15th. Additionally, if you do not request an extension and do not file, a late payment penalty of 5% may be assessed each month until the tax is paid.

    Learn more about deadlines and extensions in our blog.

    If you are a resident alien, generally you will have the same filing requirements as a US citizen within the US.

    If you are living in the US, you will have the same filing deadline as other residents and citizens: April 15th.

    However, if your main place of residence is still outside the US, you will have an automatic extension until June 15th (please note that all taxes owed will still be due by April 15th) for your tax return filing.

  • Why should I choose Greenback over other US expat tax preparation providers?

    At Greenback, we pride ourselves in offering a service that is a cut above the rest.

    • All of our accountants are US CPAs or IRS Enrolled Agents with extensive and specific experience with expatriate taxation.
    • Your accountant will work with you and answer your questions before, during, and after your return is prepared.
    • We offer a customer portal – the Greenback Tax Companion – built 100% by customer feedback.
    • We do our best to make the US expat tax filing process as simple as possible for you with an account that becomes customized to you. Based on initial information you provide, you will be guided to upload the docs and info you need, without endless calculations and forms to complete.
    • Finally, we believe in honest, transparent, flat-fee pricing. Our prices are listed openly for you to review and understand before you engage with us.

    But don’t take our word for it! We invite you to read what our current customers have to say about why they love working with us!