Filing your Report of Foreign Bank and Financial Accounts (FBAR) can feel daunting, but with the right roadmap you’ll know exactly how to file FBAR form correctly. As a U.S. expat or resident with foreign accounts, you’re legally required to report any aggregate account value over $10,000 on FinCEN Form 114 each year. In this friendly guide, you’ll get clear steps, handy tips, and links to the official FBAR filing instructions so you can meet your obligations with confidence.
Understand FBAR basics
What is FBAR
FBAR stands for Report of Foreign Bank and Financial Accounts. It’s an informational form you file with FinCEN (the Financial Crimes Enforcement Network) to disclose your foreign financial accounts.
Who needs to file
Any U.S. person—including citizens, residents, partnerships, LLCs, trusts, estates, and certain corporations—must file if they have a financial interest in or signature authority over foreign accounts.
Reporting threshold
You must file if the combined maximum value of all foreign accounts exceeds $10,000 at any time during the calendar year. This is an aggregate threshold, so even if no single account tops $10,000, you still file if the total does.
Gather your account info
Identify reportable accounts
List all foreign bank, brokerage, mutual fund, retirement or insurance accounts that you own or control. Don’t forget accounts held in trusts or by entities like partnerships where you have a beneficial interest.
Calculate aggregate value
For each account, note the highest balance or value during the year. Convert foreign-currency figures to U.S. dollars using Treasury or reasonable market exchange rates, then sum them up to confirm whether you cross the $10,000 mark.
Complete FinCEN form 114
Access the form
Download FinCEN Form 114 from the official site or start directly in the BSA E-Filing System. Paper filing is only allowed if you first request and receive an exemption from FinCEN’s Resource Center.
Enter account details
Provide your name, social security number or EIN, and each financial institution’s name, address, account number, account type, and maximum value during the year.
Authorize a filer
If you’re using a third party—such as an attorney, CPA or enrolled agent—to submit on your behalf, complete FinCEN Report 114a (Record of Authorization to Electronically File FBARs) and keep it for your records.
Submit FBAR filing
Use the e-filing system
Go to FinCEN’s BSA E-Filing System and follow the prompts to upload your completed Form 114. Electronic submission is mandatory unless you’ve received a paper-filing exemption. For step-by-step details, see our FBAR e-filing process overview.
Request a paper exemption
If you can’t e-file, call FinCEN’s Resource Center to request exemption. Once approved, you’ll receive a paper form to mail—avoid printing obsolete versions or scanned electronic forms, as they won’t be accepted.
Track your FBAR deadlines
Annual due dates
Your FBAR is due by April 15 following the calendar year you’re reporting.
Automatic extension
You get an automatic extension until October 15—no separate request needed. In cases of natural disasters or other hardships, additional extensions may be granted.
For more on timing, check our FBAR filing deadline guide.
Keep supporting records
What to keep
Retain bank statements or a copy of the filed FBAR showing account numbers, institution details and maximum values. If you authorized someone else to file, keep their Form 114a.
Retention period
Generally you must hold records for five years from the FBAR due date. Employees filing only under signature authority at work may rely on their employer’s records.
Handle delinquent FBARs
Delinquent filing procedures
If you missed a deadline but reported all related income and paid due taxes, you can file delinquent FBARs following the IRS’s current FBAR filing instructions. No penalty applies if you haven’t been contacted by the IRS about those years.
Avoid penalties
Unfiled or inaccurate FBARs can trigger substantial fines or even criminal prosecution. Review the FBAR penalty rules and potential FBAR maximum penalty before submitting late to choose the safest route.
Compare FBAR with FATCA
FATCA reporting requirements
FATCA (Foreign Account Tax Compliance Act) has its own set of rules requiring Form 8938 for foreign assets above certain thresholds. Learn more in our FATCA reporting requirements article.
FATCA vs FBAR
While both aim to curb offshore tax evasion, FBAR reports accounts to FinCEN and has a $10,000 aggregate threshold. FATCA lives in your federal tax return and applies different asset-value thresholds based on filing status and residency. See how the FATCA reporting threshold compares.
Using form W-9
If you hold foreign financial assets through certain U.S. entities or payors, you may need a FATCA form W-9 to certify your status for FATCA withholding. For broader legal context, check FATCA IRS regulations.
You’re now armed with clear steps on how to file FBAR form accurately. Gather your records early, follow each section of FinCEN Form 114 carefully, and submit on time through the e-filing system. If questions arise, lean on your tax advisor or trusted IRS/FinCEN resources to stay compliant and enjoy peace of mind abroad.