Frequently Asked Questions
Quick, plain-English answers to the questions people most often ask about the FBAR.
FBAR stands for "Foreign Bank Account Report." Its formal name is the Report of Foreign Bank and Financial Accounts, filed on FinCEN Form 114 with the U.S. Treasury's Financial Crimes Enforcement Network.
No. The FBAR is filed separately with FinCEN through the BSA E-Filing System, while your income tax return is filed with the IRS. The FBAR is an informational report and does not itself calculate tax owed.
You generally must file if the combined (aggregate) maximum value of all your foreign financial accounts exceeded $10,000 at any point during the calendar year. It is the total across accounts, not a per-account figure, and it uses each account's highest balance for the year.
Generally yes. U.S. citizens and residents are usually subject to FBAR rules regardless of where they physically live. Your status as a U.S. person — not your location — is what matters.
The FBAR is generally due April 15, with an automatic extension to October 15. You do not need to request the extension — it is granted automatically. See our Deadlines & Penalties page.
Filing the FBAR through the government's BSA E-Filing System is free. Some people choose to pay a professional to prepare it, but the government charges no filing fee.
Failing to file when required can lead to civil penalties, and in serious, willful cases, potentially criminal exposure. Penalties depend on whether a failure was non-willful or willful and on the specific facts. See Deadlines & Penalties.
Generally, each U.S. person who co-owns a foreign account reports it. Limited rules allow a spouse to be included on the other spouse's FBAR in some cases. Review the current FinCEN instructions for the exact conditions.
They are separate reports under different laws. The FBAR (FinCEN Form 114) is filed with FinCEN; Form 8938 is filed with your tax return under FATCA. They have different thresholds and rules, and some people must file both.
Don't ignore it. There have historically been procedures for delinquent and non-willful filers, but the best path depends on your situation. Because outcomes vary, many people consult a qualified tax attorney or CPA before acting. This site cannot advise on your specific case.
Yes. FBAR reporting is based on the value and existence of the account, not on whether it earned income. A dormant account can still be reportable if the threshold is met.
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Still have a question? These answers are general and educational only. For questions about your specific situation, consult a qualified professional or the official FinCEN guidance. You can also contact us with general feedback about the site.