FBAR Reporting Requirements: Everything You Need to Know for Compliance


You must file an FBAR if the total balance in your foreign bank accounts exceeds $10,000 at any time during the year. Foreign bank account reports (FBARs) are due April 15th but eligible for an automatic six-month extension, and you file the report through the FinCEN BSA E-Filing System, not with your regular tax return. The penalties for not filing are over $16,000 per year for non-willful violations and over $160,000 for willful violations.  

Key takeaways

  • All US tax residents must file an FBAR if their account balances exceed $10,000 (aggregate) at any point in the year. 
  • Reportable accounts include most foreign bank accounts, as well as securities, mutual funds, annuity contracts, and life insurance at foreign financial institutions and accounts at foreign branches of US banks.
  • You don't have to include foreign accounts owned in US retirement accounts or foreign accounts owned by trusts on your individual report.
  • E-file Form 114 with the Financial Crimes Enforcement Network by April 15th. Don't attach it to your tax return. 

fbar filing requirements

Who Needs to File an FBAR?

All US tax residents must file an FBAR if the total balance in their foreign bank accounts exceeds $10,000 at any point in the tax year. The requirement applies to U.S. citizens even if they live abroad and to U.S. residents as well as domestic trusts, domestic estates, and other domestic entities. 

The threshold applies to the total balance in all your foreign bank accounts. For instance, if you have one bank account with $4,000 and another with $7,000, you're over the threshold and need to file.

Types of Foreign Accounts Affected by FBAR

 The FBAR reporting requirements apply to most foreign bank accounts, including:

  • Foreign stock or securities in an account at a foreign institution.
  • Accounts at foreign branches of U.S. banks.
  • Foreign mutual funds.
  • A foreign financial institution-issued life insurance or annuity contracts with cash value.

A few foreign accounts don't trigger an FBAR reporting requirement. You don't have to include the following on your FBAR form:

  • U.S. military banking facility accounts.
  • Foreign accounts owned by your retirement accounts, such as IRAs.
  • Foreign accounts owned by retirement accounts that you're a beneficiary of.
  • Foreign accounts that are part of a trust that you're a beneficiary of — in this case, the trust should file the FBAR, not you.
  • Correspondent accounts — Also called vostro or nostro accounts, banks typically use these accounts to store money at other financial institutions.
  • Accounts owned by government entities or international financial institutions.

If you have a lot of foreign assets and are unsure whether they trigger an FBAR reporting requirement, reach out to a tax professional. They can help ensure that you're in compliance. You can find one using our site by clicking "find a tax pro" at the top of the page.

 

Account Balances and Exchange Rates

The FBAR reporting rules apply to the cumulative balance in your foreign accounts. You must file an FBAR if the total balance was over $10,000 at any point in the year. If your account balances are close to the threshold, you'll have to crunch some numbers -- use the Treasury Reporting Rates of Exchange. The Treasury website has exchange rates for nearly every foreign currency, and you can look at the rate for every single day over the last 20 years.

Don't just consider the balance in your accounts on the last day of the year because your account balances are likely to fluctuate during the year. If you have a single foreign bank account, figure out the date it had the highest balance. Then, convert the balance to U.S. dollars based on the exchange rate applicable on the last day of the year. Even if your highest balance was at a different point in the year, you should still use the exchange rate from the last day of the year.

If you have multiple accounts, add them together. To ensure you were never over the reporting threshold, look at each account's highest balance day and then add in the balances of your other accounts from that same day. You're still supposed to file if your accounts were only over the reporting threshold for a single day.

How to Take Care of FBAR Filing Requirements

E-file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) through the BSA E-Filing System. Do not submit this form with your tax return.

You can take care of the process entirely online or download a PDF form, fill it out, and upload it. As of 2026, FinCEN does not allow paper or mailed reports. You can also authorize your accountant to file for you, but you'll need to fill out FinCEN Form 114A (Record of Authorization to Electronically File FBARs). Don't send this form to FinCEN. Keep it for your records.

Information Required on the FBAR Return

When filling out your FBAR return, you need the following details. When filing an FBAR online, you should gather this information before starting.

  • Your name, date of birth, and address.
  • Social Security number (SSN) or taxpayer identification number (TIN).
  • Foreign identification details if you don't have a TIN.
  • Total number of foreign bank accounts. 
  • Name and address of the financial institutions.
  • Account number.
  • The maximum value of your accounts during the calendar year, based on your account balances and the Treasury Exchange Rate.
  • The number of owners for jointly held accounts.
  • Names, TINs, and addresses of joint account holders.
  • Whether you have signature authority or financial interest.
  • Account owner details for accounts you only have signatory control over. 
  • Explain why you have signatory control — for example, your position if your employer owns the account.

If you're going to have an accountant or tax preparer file for you, provide them with these details along with Form 114a. They will let you know if you need more information.

FBAR Reporting Requirements for Spouses

Even if you file your tax return as married filing jointly, you still may need to file your FBAR reports separately. If you individually own an account that your spouse does not own, you need to file separate FBAR forms.

If you own all of your foreign accounts together, you can file a single FinCEN 114 as long as you meet the following conditions:

  • All of the non-filing spouse's foreign accounts are jointly owned with the filing spouse.
  • All of the above accounts are noted on the filing spouse's FBAR.
  • The filing spouse files the FBAR on time.
  • The non-filing spouse has completed Form 114a (Record of Authorization to File FBARs Electronically)

If you don't file a 114a, you both need to file a separate FBAR, even if all of your accounts are jointly owned.

When Do You Need to File FBAR?

The FBAR due date is April 15th of the year following the year your foreign bank accounts were over the threshold. For instance, if you had over $10,000 in foreign bank accounts in 2021, you should file the FBAR by April 15, 2022. If the 15th is on a holiday or weekend, the due date moves to the next business day.

The government gives you an automatic six-month extension on the FBAR, and if needed, you can take until October 15th to file. Extensions for nationally declared disasters normally also extend the deadline.

What If You Missed Your FBAR Filing Requirement?

If you didn't realize that you were supposed to file, there are many ways to take care of your delinquent FBAR reporting obligations. As long as you meet all your other filing obligations, you may be able to go online, file late, and not worry about a penalty.

Suppose you forgot to file your income tax return or didn't report some of the earnings from your foreign bank accounts. In that case, you may need to use one of the IRS's special programs, such as the Voluntary Disclosure Program or the Streamlined Reporting Procedures.

A tax professional can help you select the right program and help you get back into FBAR compliance.

Other Reporting Requirements for Foreign Bank Accounts

The Foreign Account Tax Compliance Act (FATCA) requires you to file Form 8938 (Statement of Specified Foreign Financial Assets) with your tax return if you have more than $50,000 in foreign bank accounts or other types of foreign assets. This is in addition to your FBAR report.

FAQs on FBAR Reporting Requirements

What are the FBAR reporting thresholds?

A total balance of $10,000 or more in your foreign bank accounts at any time during the tax year. For example, if the combined (aggregate) balance on your foreign bank accounts was $10,020 on any day of the last year, you must report it.

What are the foreign bank account reporting requirements?

The law requires U.S. citizens to report foreign bank accounts if their total balance exceeds $10,000. You file the report with the Financial Crimes Enforcement Network (FinCEN), not with the IRS.

What are FBAR taxes?

FBAR taxes may refer to taxes owed on income earned from foreign bank accounts or to the FBAR penalty. The FBAR is a foreign bank account report, and this informational report does not lead to a tax liability. However, if you earn interest or other income on your foreign bank accounts, you must report the income on your tax return and pay tax accordingly. If you file the FBAR late, you can incur a penalty, even if you didn't have any income from those accounts.

What is the FBAR filing exchange rate?

The U.S. Department of the Treasury Financial Management Service (FMS) rate on the last day of the tax year applies to FBAR reports. If the FMS doesn't include the currency your account is in, you can use another verifiable source.

When are FBAR reports due?

They're due April 15th or the next business day following the tax year, but you can take until October 15th without incurring any penalties, thanks to the automatic six-month extension.

Get Help Meeting Your Reporting Requirements

Still wondering if you have to file an FBAR? Want help understanding and meeting your requirements? Then, contact a tax professional today. Using TaxCure, you can search for CPAs, enrolled agents, and tax attorneys in your area who have experience helping clients meet their FBAR requirements.

Post reviewed by Sean O'Connor, a tax attorney from Connecticut, and Edward Parsons, a CPA based in Florida.