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The reporting requirement for Form 8938 is separate from the reporting requirement for the FinCEN Form 114 (formerly the FBAR).
An individual may have to file both forms and separate penalties may apply for failure to file each form.
Foreign financial institutions may provide to the IRS third-party information reporting about financial accounts, including the identity and certain financial information associated with the account, which they maintain offshore on behalf of U.S. individual account holders.
If you had $50,000 on the last day of the tax year or $75,000 at any time during the tax year then the 8938 is required too.
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