FBAR (FinCEN Form 114): The Basics for Foreign Accounts
Published November 4, 2026
If you have money in a bank or other financial account outside the United States, you may have to file an FBAR. FBAR stands for Report of Foreign Bank and Financial Accounts. The form is FinCEN Form 114. The IRS says the FBAR is not filed with your federal tax return. IRS: Comparison of Form 8938 and FBAR requirements
Who must file?
U.S. persons must file. That includes U.S. citizens, resident aliens, trusts, estates, and domestic entities. You must file if you have an interest in foreign financial accounts and the total value of those accounts is more than $10,000 at any time during the calendar year.
The $10,000 test is for all your accounts together. It is a cumulative balance. If you have two foreign accounts that together go above $10,000 at any one time, both accounts must be reported.
What counts?
Bank accounts and other financial accounts at a foreign financial institution generally count. Some items do not count for the FBAR:
- Foreign real estate that you hold directly.
- Foreign currency that you hold directly, outside an account.
- Precious metals you hold directly.
- Personal property you own directly, such as art, antiques, jewelry, or cars.
How and when to file
You file the FBAR electronically through FinCEN's BSA E-Filing System. FinCEN is a bureau of the Treasury Department, separate from the IRS. The FBAR must be received by April 15. FinCEN allows an automatic six-month extension to October 15. For accounts held during 2026, the due date is April 15, 2027, with the extension to October 15, 2027.
To figure the value, use the periodic statements for each account, in the account's own currency. Then convert to U.S. dollars using the exchange rate for the end of the calendar year.
How is this different from Form 8938?
Form 8938, Statement of Specified Foreign Financial Assets, is a separate form. It is attached to your income tax return. It has its own thresholds, and it covers some assets the FBAR does not. The two rules do not replace each other. You may need to file one, the other, or both. Check each form's rules and thresholds.
If you live abroad, also read U.S. Citizen Living Abroad: File and FEIE. The FBAR and Form 8938 rules apply on top of your income tax filing.
What if you do not file?
The IRS says civil penalties for FBAR violations are adjusted for inflation each year. Criminal penalties may also apply in some cases. Penalty rules are technical, so check the current rules before the deadline.
Common questions
- Does an account need to be open all year? No. The test looks at the highest balance at any time during the calendar year, so a short-term account can still count.
- Does living abroad change this? No. U.S. citizens and resident aliens are U.S. persons wherever they live.
Records to keep
Keep the periodic statement for each account for the whole year. The statements show the highest balance you need for the test, measured in the account's own currency. Keep the exchange rate you used too.
What to do next
- List every foreign bank and financial account you have an interest in.
- Find the highest balance of each account during the calendar year, from your statements.
- Convert each balance to U.S. dollars at the year-end rate. Add them up.
- If the total was more than $10,000 at any time, plan to file FinCEN Form 114.
- Check whether Form 8938 also applies to you.
- File the FBAR through the BSA E-Filing System by the due date.
This page is general information, not advice about your return. The IRS and FinCEN pages list the current rules and forms.
Sources: IRS: Comparison of Form 8938 and FBAR requirements (https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements); IRS: Report of Foreign Bank and Financial Accounts (FBAR) (https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar); FinCEN BSA E-Filing System (https://bsaefiling.fincen.treas.gov/main.html) This is general information, not advice about your specific return.
