FBAR Filing Requirements: Do You Need to Report Foreign Bank Accounts?
In this guide
Quick answer: An FBAR (Report of Foreign Bank and Financial Accounts, FinCEN Form 114) is a report you file if you are a US person with a financial interest in, or signature authority over, foreign financial accounts whose combined value went above $10,000 at any time in the year. It is due April 15, with an automatic extension to October 15, and you file it online with FinCEN, not with your tax return.
Many immigrants keep a bank account in their home country for family transfers, savings or property. That is perfectly normal. The surprise comes when you become a US tax resident and discover the account has to be reported. This guide explains who must file the FBAR, how the $10,000 test works, and what the IRS says about penalties.
Who has to file an FBAR?
The IRS says US persons must file if they have a financial interest in, or signature or other authority over, at least one foreign financial account. “US persons” include citizens, residents, corporations, partnerships, LLCs, trusts and estates. If you are not sure whether you are a US resident for tax purposes, start with the substantial presence test.
What is the $10,000 threshold?
The combined value of all your foreign accounts must exceed $10,000 at any time during the calendar year you are reporting. It is the total across accounts, not each one. Whether an account earns taxable income does not matter for this test.
A quick example: three accounts holding $4,000, $3,500 and $3,000 add up to $10,500 on the same day, so the threshold is exceeded even though no single account is above $10,000.
When is the FBAR due?
- Due date: April 15 after the calendar year you are reporting.
- Automatic extension: to October 15, with no request needed.
- Natural disasters may lead to further extensions.
Where do you file it?
Electronically, through FinCEN’s BSA E-Filing System. It is not attached to your federal tax return. To paper-file, you must first get an e-filing exemption from FinCEN’s Resource Center. The IRS says it will not accept the obsolete TD F 90-22.1 form or a printed Form 114.
What are the penalties?
Reporting or recordkeeping violations can bring civil monetary penalties, criminal penalties, or both. Whether a penalty applies depends on the facts and circumstances, and the civil maximums are adjusted yearly for inflation. The IRS advises that if you have not filed and have not been contacted, you should file late FBARs promptly.
FBAR is separate from Form 8938
The FBAR does not replace the tax-return form for foreign assets, and that form does not replace the FBAR. Read our comparison in Form 8938 and FATCA thresholds.
Tips for immigrants with accounts back home
- List every foreign account you own or can sign on, including joint accounts and accounts used for family transfers.
- Check balances in the account currency, then convert, and note the highest balance in the year.
- Keep statements. If you send money home regularly, our guide to sending money home can help keep records tidy.
Frequently asked questions
Does a dormant account count?
The IRS states that whether an account earns taxable income does not affect whether it counts.
Is the FBAR filed with the IRS?
No. It is filed with FinCEN through the BSA E-Filing System.
Is there a fee to file?
The IRS page we reviewed does not mention a filing fee.
Key takeaways
- File if your combined foreign accounts exceeded $10,000 at any time in the year.
- Due April 15, automatic extension to October 15.
- File electronically with FinCEN, separate from your tax return.
- If you missed it, file promptly and read the IRS guidance.
Related guides
- Form 8938 and FATCA thresholds
- The substantial presence test
- Foreign earned income exclusion
- Sending money home from abroad
This page is general information, not tax or legal advice. Confirm your position with the IRS or a qualified adviser. Last updated: October 2026.
Sources
- IRS: Report of Foreign Bank and Financial Accounts (FBAR)
- IRS: Summary of FATCA Reporting for U.S. Taxpayers