Do I need to file the FBAR?

Q: Do I need to file the FBAR?

Any U.S. taxpayer needs to file a FinCen Form 114 (aka FBAR) if the taxpayer has an interest in foreign financial accounts with a minimum of $10,000 at any time during the tax year. Financial foreign accounts include: Foreign bank accounts (both checking and saving). Bank accounts held with a foreign branch of a U.S. 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. A common misconception is that the 330 days requirement applies to the calendar year.

All US citizens (and greencard holders) need to file a FinCen Form 114 (aka FBAR) if they a own or hold a foreign financial account, or accounts, that have at least $10,000 in total at any time during the year. Foreign financial accounts can include:

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.

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