As a US citizen, you may need to report your foreign financial accounts under the Foreign Account Tax Compliance Act (FATCA). FATCA is part of the US government’s efforts to prevent tax evasion by citizens with overseas accounts and assets.
FATCA generally requires that foreign financial Institutions and certain other non-financial foreign entities report the foreign assets held by their US account holders.
FATCA mandates that US taxpayers report foreign financial assets on Form 8938 if they exceed set thresholds. Below are the thresholds for 2023 (unchanged in recent years):
For Taxpayers Living in the US
Filing Status | Threshold at End of Year | Threshold at Any Time During the Year |
Single or Married Filing Separately | $50,000 | $75,000 |
Married Filing Jointly | $100,000 | $150,000 |
For Taxpayers Living Abroad*
Filing Status | Threshold at End of Year | Threshold at Any Time During the Year |
Single or Married Filing Separately | $200,000 | $300,000 |
Married Filing Jointly | $400,000 | $600,000 |
*You are considered to live abroad if you are a US citizen whose tax home is in a foreign country and you have been present in a foreign country or countries for at least 330 days out of a consecutive 12-month period.
For more information and any updates, please visit the IRS FATCA page.
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