FATCA Form 8938: Expat v. domestic filing differences

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FATCA Filing Expats v. Domestic

FATCA is the Federal Account Tax Compliance Act, and is a US law that requires all US taxpayers to report their non-US financial accounts yearly. Now, this law also applies to those living outside of the US, so we want to talk a bit about the differences in filing requirements for those living in the US and expats.
Different thresholds for form 8938, we’ll talk about US first:
If you are single or file separately from your spouse and have more than $50,000 of specified foreign financial assets at the end of the tax year or more than $75,000 at any time during the tax year and you live in the US. 

If you file jointly with your spouse and have more than $100,000 of specified foreign financial assets at the end of the tax year or more than $150,000 at any time during the tax year and you live in the US.

EXPATS: If you are single or file separately from your spouse and have more than $200,000 of specified foreign financial assets on the last day of the tax year or more than $300,000 at any time during the tax year and you live abroad and…

If you file jointly with your spouse and have more than $400,000 of specified foreign financial assets on the last day of the tax year or more than $600,000 at any time during the tax year and you live abroad (even if only one spouse resides abroad).
If you do not have to file an income tax return for the tax year you do not have to file form 8938 regardless of the value of the specified foreign financial assets.



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