What is the threshold for filing Form 8938 for married filing jointly taxpayers regarding financial assets?

For married individuals filing jointly, the correct thresholds for filing Form 8938, which is a Declaration of Specified Foreign Financial Assets, are indeed $100,000 on the last day of the tax year or $150,000 at any time during the tax year. This means that if a couple's specified foreign financial assets exceed these amounts, they are required to report those assets on Form 8938.

Understanding the thresholds is crucial for compliance with the Foreign Account Tax Compliance Act (FATCA), which aims to prevent tax evasion through offshore accounts. These specific limits take into account the total value of foreign assets, including bank accounts, stocks, and various investment properties, emphasizing the importance of thorough reporting and accountability for individuals with international financial interests.