Frequently Asked Questions
Quick answers to the FBAR questions we hear most often.
You generally need to file an FBAR if the combined maximum value of all your foreign financial accounts exceeded $10,000 at any point during the calendar year — even for a single day. The threshold looks at the total across all accounts, not any one account individually.
No. The FBAR (FinCEN Form 114) is filed electronically with the Financial Crimes Enforcement Network (FinCEN) through the BSA E-Filing System, completely separately from your federal income tax return. It shares a deadline with the tax return, but it is a different form filed to a different agency.
The standard due date is April 15 of the year following the calendar year being reported. FinCEN grants an automatic extension to October 15 for every filer, with no request or paperwork required.
Yes. The FBAR is an information report about account value, not a tax form about income. Filing is required based on the account balance threshold regardless of whether the account generated interest, dividends, or any other income.
You may still need to file. Signature authority — the ability to control the disposition of account assets by direct communication with the institution — can independently trigger a filing requirement, even without any ownership interest in the funds.
Generally, yes — each U.S.-person owner of a jointly held account typically reports the full account value, not a proportional share, unless a specific joint-filing arrangement applies.
The FBAR is filed with FinCEN under the Bank Secrecy Act and has a flat $10,000 aggregate threshold. Form 8938 is filed with the IRS as part of your tax return under FATCA, with higher thresholds that vary by filing status and residency. You may need to file one, both, or neither depending on your accounts.
The IRS offers structured catch-up options, including the Delinquent FBAR Submission Procedures and the Streamlined Filing Compliance Procedures, depending on whether foreign income was also underreported. These options are generally only available before the IRS identifies the issue on its own.
No. Penalties differ sharply between non-willful violations (generally an honest mistake) and willful violations (knowing disregard of the requirement). The IRS also has discretion to reduce or waive non-willful penalties, particularly for filers who self-correct voluntarily.
No — this site provides general educational information only, not individualized legal or tax advice. Every filer's facts are different, and decisions about specific filings should be made with a licensed CPA, enrolled agent, or tax attorney.
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