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Connect on LinkedInFBAR stands for Report of Foreign Bank and Financial Accounts. It is the annual foreign account report that certain U.S. persons must file with FinCEN when the aggregate value of their foreign financial accounts exceeds $10,000 at any point during the calendar year.
Why it matters for U.S. expats
FBAR is one of the most common filing requirements for Americans abroad because ordinary local accounts can count as foreign accounts under U.S. rules. Checking, savings, brokerage, mutual fund, pension, and business accounts may all need to be reviewed, even when the account produced no income and no U.S. tax is owed.
Common questions
1. Who needs to file an FBAR?
A U.S. person must file an FBAR if they had a financial interest in, or signature authority over, at least one foreign financial account and the combined value of all reportable foreign accounts exceeded $10,000 at any point during the year.
2. What counts as a foreign financial account for FBAR?
Foreign financial accounts can include bank accounts, brokerage accounts, securities accounts, mutual funds, and certain other financial accounts located outside the United States.
3. Does the $10,000 FBAR threshold apply per account or in total?
The threshold applies in total. If the combined maximum value of all reportable foreign accounts exceeded $10,000 at any point during the year, FBAR may be required.
4. Does an account need to earn income to be reported on FBAR?
No. Whether the account earned interest, dividends, or other income does not affect whether it is reportable for FBAR purposes.
5. When is the FBAR deadline?
FBAR is due April 15 following the calendar year reported. Filers receive an automatic extension to October 15 without needing to request it.
6. Is FBAR filed with the U.S. tax return?
No. FBAR is filed separately through FinCEN’s BSA E-Filing System. It is not attached to Form 1040.
7. Is FBAR the same as FATCA Form 8938?
No. FBAR is filed with FinCEN under the Bank Secrecy Act. Form 8938 is filed with the IRS under FATCA and has different thresholds, asset rules, and filing requirements.
8. Do joint foreign accounts need to be reported on FBAR?
Yes, if the account is reportable and the aggregate threshold is met. Spouses may be able to file one FBAR for jointly owned accounts if the authorization and filing requirements are met.
9. Do foreign business accounts need to be reported on FBAR?
Yes, if the U.S. person has a financial interest in or signature authority over the account and the aggregate threshold is met.
10. What happens if an FBAR is filed late?
Late or missing FBARs can lead to penalties. If the IRS has not contacted you and all income from the accounts was already reported, the Delinquent FBAR Submission Procedures may be available.
Related forms
- FinCEN Form 114: Report of Foreign Bank and Financial Accounts
- Form 8938: FATCA reporting for U.S. expats
- Schedule B: Interest and Ordinary Dividends
When to get help
Professional guidance is important when:
- Your foreign accounts exceeded $10,000 in aggregate at any point during the year.
- You have foreign bank, brokerage, pension, business, or investment accounts.
- You have signature authority over an employer’s or company’s foreign account.
- You are unsure whether an account is foreign or reportable.
- You missed one or more FBAR deadlines.
- You also need to file Form 8938, Form 5471, Form 3520, or another international form.
- You need to choose between late FBAR filing, Delinquent FBAR Submission Procedures, or streamlined filing.
Bright!Tax can review your foreign accounts, prepare FBARs, and identify the right filing route if past reports were missed. Get started with Bright!Tax.
Related Bright!Tax guides
Official sources
- IRS: Report of Foreign Bank and Financial Accounts
- FinCEN: Report Foreign Bank and Financial Accounts
- FinCEN: BSA E-Filing System
- IRS: Comparison of Form 8938 and FBAR requirements
Reviewed by
Katelynn Minott, CPA & CEO
Last reviewed
July 2026