Does Form 8938 Replace the FBAR Fincen Form 114: FBAR vs 8938

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Two of the most common IRS international information reporting forms are Form 8938 (Foreign Account Tax Compliance Act) and FBAR (Foreign Bank and Financial Account Reporting FinCEN Form 114). Both forms require a US Person who is the owner of or has an interest in certain foreign assets, accounts, investments, income to report the information to the US Government. In 2013, the FBAR became a form that is exclusively filed online directly on the FinCEN website. In previous years, the FBAR was actually a paper form (TD F 90-22.1) and included as part of a tax return. With the introduction of Form 8938 (which does not have to be filed electronically) and the termination of paper form TD F 90-22.1, came much confusion as to whether or not Form 8938 replaced the TD F 90-22.1 and FBAR. Form 8938 does not replace the FBAR — and both forms may still be required depending on various factors.

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