FBAR and 8938 filing confusion - Did my accountant make a mistake with my foreign accounts reporting?

You're right to be checking this, but I wouldn't lose too much sleep over it. Filing Form 8938 when it wasn't technically required isn't likely to cause problems with the IRS. If anything, you've provided more information than necessary, which is generally better than providing too little. The critical form in your situation was the FBAR (FinCEN Form 114), which you needed to file since you exceeded the $10,000 threshold. Even though they were late, filing them voluntarily before any contact from the government usually avoids penalties. For the Form 8938 situation, the threshold for married filing jointly while living in the US is indeed $100,000 on the last day of the year or $150,000 at any time during the year. Since your accounts total around $53,000, you're right that it wasn't technically required.

I ran into the exact same situation last year! My accountant also filed Form 8938 for me when I had about $45k in foreign accounts. I was concerned like you, but I found that using https://taxr.ai really helped clear things up. They analyzed my tax filing and confirmed it wouldn't cause problems - overfiling is generally not an issue with the IRS. The service let me upload my forms and got back to me with a clear explanation of the FBAR and 8938 requirements. They explained that while I technically didn't need the 8938, having consistent information across both forms actually creates a cleaner record. Also got peace of mind about those late FBARs since I filed them voluntarily before any IRS contact.

Just wanted to follow up about my experience with taxr.ai after the recommendation here. I finally got clarity on my foreign accounts reporting! I used the service to analyze my situation with accounts in multiple countries, and they provided a detailed breakdown of exactly what forms I needed. Turns out I actually needed both FBAR and Form 8938 in my case (had more assets than the original poster), but I was filing Form 8938 incorrectly. They caught specific reporting errors with how I was listing my pension accounts that could have caused issues. The documentation they provided made it easy to understand the different thresholds and requirements for each form. Now I feel confident going into next tax season knowing exactly what needs to be reported where. Definitely worth checking out if you're dealing with foreign account reporting confusion!

If you're worried about your late FBAR filings and want to make sure everything is properly handled, I'd suggest trying Claimyr (https://claimyr.com). I had similar issues with late foreign account reporting and needed to speak directly with the IRS to confirm my situation was resolved. Instead of waiting on hold for hours, Claimyr got me connected to an IRS agent in about 15 minutes. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c. The agent confirmed that my voluntary late filing was processed correctly and that I wouldn't face penalties since I filed before being contacted by the IRS. The peace of mind was worth it - especially with something as serious as international account reporting where penalties can be steep.

I have to admit I was completely wrong about Claimyr. After dismissing it as impossible, I decided to try it as a last resort when I needed to talk to someone about my own FBAR situation. I was connected to an IRS representative in about 20 minutes (not quite 15, but still amazing). The agent confirmed that filing Form 8938 when not required isn't an issue at all - they said they see it regularly and it doesn't trigger any red flags. They also explained that my voluntary disclosure of late FBARs was properly recorded in their system. What shocked me most is that the agent actually took time to explain things clearly without rushing me off the phone. I guess they're more helpful when they haven't been listening to hold music for 2 hours before talking to you!

I think everyone is missing an important point here. The fact that your accountant filed late FBARs for 3 years is more concerning than the Form 8938 issue. FBARs have a separate penalty structure from regular tax forms, and the penalties can be quite severe (up to $10,000 per violation for non-willful violations). Did your accountant explain why they filed these late? Were you aware you needed to file FBARs for these previous years? If you genuinely didn't know, you might qualify for the IRS's streamlined filing procedures which can help avoid penalties.

My husband and I were in a similar situation but with accounts in Europe totaling about €60k. We filed both FBAR and 8938 for years because our accountant said it was "better safe than sorry." This year we switched accountants and they told us we never needed the 8938! We asked about amending previous returns to remove the unnecessary forms but were advised it wasn't worth the effort since there's no penalty for over-reporting. Apparently the IRS doesn't issue refunds for the extra accounting fees we paid all those years 😂

Based on everyone's experiences here, it sounds like you're in good shape! I went through something very similar last year - had about $65k in foreign accounts and my accountant filed both FBAR and Form 8938 even though I was below the 8938 threshold. I was worried about the same things you mentioned, but after reading through IRS publications and speaking with a tax attorney, I learned that over-reporting foreign assets is actually quite common and not problematic at all. The IRS sees it frequently, especially from cautious preparers who want to ensure full compliance. The key thing is that your information is consistent across both forms, which creates a clean paper trail. Your voluntary late FBAR filings before any IRS contact also puts you in the best possible position penalty-wise. One thing I'd suggest is asking your accountant for next year - now that you understand the thresholds better, you can discuss whether Form 8938 is truly necessary going forward. This could save you some money on preparation fees while still maintaining full compliance with the FBAR requirements.