FinCEN Form 114 · Report of Foreign Bank and Financial Accounts
The FBAR, explained without the jargon
If you are a United States person and your foreign financial accounts together passed $10,000 at any point last year, you probably owe the Treasury an annual report — even if you owe no tax. This site explains who files, what counts, when it is due and what happens if it is missed.
FBAR at a glance
- Form
- FinCEN Form 114
- Administered by
- FinCEN, U.S. Department of the Treasury
- Reporting trigger
- Over $10,000 combined, at any time in the year
- Annual deadline
- 15 April, automatically extended to 15 October
- How it is filed
- Electronically, through the BSA E-Filing System
Summary only — see What Is the FBAR? for the detail and the exceptions.
Start here
Four questions answer most of the FBAR puzzle. Work through them in order and you will know whether you have a filing obligation and what to do about it.
What is the FBAR?
An annual Treasury report about foreign financial accounts, required by banking law rather than tax law.
Read the definition Step twoDoes it apply to me?
Citizens, green card holders, resident aliens, and U.S. companies, partnerships, trusts and estates.
Check who must file Step threeWhich accounts count?
Bank and brokerage accounts, some pensions, insurance with a cash value — but not foreign property.
See the account list Step fourHow do I file it?
Online through FinCEN’s BSA E-Filing System. Individuals do not need to register an account.
Follow the walkthroughSix things people get wrong
These are the misunderstandings that most often turn a simple annual report into a compliance problem.
“The threshold applies per account”
It does not. You add together the highest value of every foreign account you hold. Six accounts of $2,000 each cross the line; all six then go on the report, including the small ones.
“I owe no tax, so I owe no report”
The FBAR is an information report under the Bank Secrecy Act. It is due whether or not the accounts produced income and whether or not you owe a cent of tax.
“I filed Form 8938, so I am covered”
Form 8938 is an IRS form under a different statute. Many people must file both, and filing one satisfies neither the other’s deadline nor its penalty regime.
“It is only my own money that counts”
Signature authority over someone else’s or an employer’s foreign account can create a reporting duty even when none of the money is yours.
“The balance on 31 December is what matters”
No — the test is the maximum value reached at any moment during the calendar year. An account emptied in June still counts at its June peak.
“A closed account does not need reporting”
An account that existed during the year is reportable for that year, even if it was closed before 31 December. The final FBAR for it covers the year it was open.
The filing year, in order
An FBAR always looks backwards at a completed calendar year. Here is the sequence for a typical filer.
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January – March: gather
Collect year-end statements for every foreign account, note the highest balance each one reached, and list the institution names and addresses.
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Convert to U.S. dollars
Use the Treasury Reporting Rates of Exchange for the last day of the calendar year being reported, then add the converted maximums together.
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By 15 April: file
If the combined maximum exceeded $10,000, submit FinCEN Form 114 through the BSA E-Filing System.
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By 15 October: the safety net
An automatic six-month extension applies to everyone. No request, no form, no explanation needed.
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Keep the records for five years
Retain the account details and your filing confirmation, as the regulations require.
Why the stakes are real
The FBAR carries some of the heaviest information-reporting penalties in United States law. The figures below are the statutory starting points; they are adjusted annually for inflation.
Statutory maximum for a non-willful violation, per annual report, before inflation adjustment — and subject to a reasonable cause defence.
Of the account balance at the time of a willful violation, or $100,000 before inflation adjustment — whichever is greater.
The period the government generally has to assess a civil FBAR penalty, measured from the report’s due date.
Every guide on this site
Thirteen reference pages covering the FBAR from first principles through to fixing past mistakes.
What Is the FBAR?
The definition, the statute behind it, and why it sits outside the tax system.
BasicsWho Must File
United States persons, financial interest, signature authority and the exceptions.
BasicsReportable Accounts
What counts as a foreign financial account — and what does not.
BasicsThe $10,000 Threshold
Aggregation, maximum value, currency conversion and a self-check tool.
FilingDeadlines & Extensions
April 15, the automatic October extension, weekend rules and disaster relief.
FilingHow to File
A step-by-step walkthrough of the BSA E-Filing System.
FilingSignature Authority & Spouses
Joint accounts, married couples filing one report, and Form 114a.
FilingRecordkeeping
The five records to keep, and the five-year retention rule.
CompliancePenalties
Non-willful and willful exposure, reasonable cause, and the Bittner decision.
ComplianceLate & Amended Filings
Delinquent procedures, amendments, streamlined filings and voluntary disclosure.
ComplianceFBAR vs. Form 8938
Two forms, two agencies, two thresholds — compared side by side.
ResourcesFrequently Asked Questions
Short answers to the questions readers ask most.
ResourcesGlossary
Every term of art in foreign account reporting, defined plainly.
Always check the primary source
FBAR rules come from the Bank Secrecy Act, FinCEN regulations and the Form 114 instructions — and they change. We keep a curated list of the official pages so you can verify anything you read here.
Educational information only. FBAR Reference is published by St Fin Corp as a free, advertising-supported reference. Nothing here is tax, legal, accounting or financial advice, and reading this site creates no professional relationship. We are not affiliated with, authorised by or endorsed by the Financial Crimes Enforcement Network, the Internal Revenue Service, the U.S. Department of the Treasury or any other government body. FBAR requirements depend on facts specific to you and change over time — confirm your own position with a qualified tax adviser or attorney and against the official FinCEN and IRS sources before acting. See our full disclaimer and editorial policy.