Do I need to file the FBAR?

FBAR is a form, officially known as Form 114, required by the Financial Crimes Enforcement Network (FinCEN), a department of the US Department of Treasury. It’s used to report foreign financial accounts if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.

The $10,000 threshold applies to the total value of all foreign financial accounts held by the taxpayer during the calendar year. The deadline for filing FBAR is April 15th, with an automatic extension until October 15th for Americans abroad.

Any US person, which includes citizens, residents, and entities such as corporations, partnerships, and trusts, with foreign financial accounts meeting the reporting threshold must file FinCEN Form 114 (aka FBAR). This includes individuals living in the United States as well those living abroad.

Important to realize is that the threshold applies to everyone. This means that you could ending up filing a separate FBAR for your spouse while you file a joint return.

Foreign financial accounts include (not exhaustive):

• Foreign bank accounts (both checking and savings)
• Bank accounts held with a foreign branch of a US bank
• Overseas mutual funds and pension funds
• Stocks and securities held in a financial account at a foreign financial institution
• Foreign issued life insurance or annuity contracts with cash value.

FBAR must be filed electronically through FinCEN’s BSA E-filing System. Taxpayers can’t file FBAR with their federal tax return; it must be done separately.

If you are required to file Form 114 (FBAR), we have great news for Americans abroad in 2024. We've integrated the FBAR questionnaire seamlessly into our existing tax return questionnaire. This means you can now easily e-file your FBAR alongside your US tax return.

If you are ready to file your tax return and FBAR, just log in and get started!

For more information on FBAR, please see the following page: FBAR filing for expats

Updated February 28, 2024