Updated September 29, 2026 · General foreign-account reporting information
A US person with a financial interest in, or signature or other authority over, foreign financial accounts generally must file when their aggregate value exceeds US$10,000 at any time during the calendar year, subject to applicable exceptions. The threshold is not US$10,000 per account.
FBAR is FinCEN Form 114, a report of foreign bank and financial accounts. It is separate from your income tax return. See FinCEN’s FBAR overview.
Gather account details before deciding what to file
Tell your preparer about all potentially relevant accounts, including joint accounts and accounts over which you can direct transactions even if you do not own the money. Provide the country, institution, account type and your relationship to each account.
For a US–India or US–Canada review, flag bank accounts, investment accounts, pensions and insurance arrangements separately. Account names alone may not settle their treatment. A zero year-end balance does not establish that an account can be ignored.
FBAR and Form 8938 are separate checks
Form 8938 is a statement of specified foreign financial assets associated with FATCA. It is generally attached to the applicable income tax return; FBAR is filed separately with FinCEN. Different people, assets and thresholds can be covered, and filing one does not replace the other.
Form 8938 thresholds depend on filing status and whether the individual qualifies as living abroad. For example, a specified unmarried individual living in the US generally crosses its asset-value threshold above US$50,000 at year-end or US$75,000 at any time during the year. This example is not the rule for every filer. Check the full IRS comparison and form instructions.
Deadlines and filing method
The regular FBAR deadline is April 15 after the reporting calendar year, with an automatic extension to October 15. No separate extension request is needed for that FBAR extension. Check applicable relief notices and current instructions for your situation. Form 8938 follows the relevant income tax return’s deadline, including applicable extensions.
FBAR is normally submitted electronically through FinCEN’s BSA E-Filing system. A preparer filing for you needs appropriate authorization. See the IRS FBAR filing and recordkeeping guidance.
Documents for an FBAR consultation
- Account-holder names and account numbers, provided through the client portal.
- Institution names, addresses and account types.
- Statements needed to establish maximum annual values and the applicable currency conversion.
- Joint ownership or signature-authority information.
- Previously filed FBARs, relevant returns and any government notices.
Ask which valuation records and exchange rates apply to the reporting year. Keep the supporting records; FBAR records generally must be retained for five years from the report’s due date.
What if a previous year’s report was missed?
Identify the affected years, whether related income was reported and whether a tax authority has contacted you. The appropriate correction route depends on those facts. Late-filing procedures are not a blanket promise of no penalties. Penalties depend on circumstances, and civil maximums can change with inflation; avoid relying on an old per-account penalty table.
Request a quote for the reporting work
Bluewings Tax can discuss the accounts, years and forms that need assessment before quoting the engagement. FBAR and FATCA services are excluded from discounts. Basic income-tax preparation prices should not be treated as including these additional reports.
Discuss foreign-account reporting
Related services: US–India tax preparation · US–Canada tax preparation.
General information only. Confirm the reporting year, applicable instructions and individual facts before filing.