What is FBAR?
The Report of Foreign Bank and Financial Accounts (FBAR), officially FinCEN Form 114, is a US federal reporting requirement for any US person who has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year.
“US person” includes US citizens, green card holders, and resident aliens. The $10,000 threshold applies to the aggregate of the maximum values of ALL your foreign accounts, not to each account individually: take each account's highest balance during the year, convert it to US dollars, and add them up (FinCEN, FBAR filing instructions: “each account must be valued separately”). The accounts do not have to peak at the same time. If you have three foreign accounts that each peaked at $4,000 at some point in the year, your aggregate of $12,000 triggers the FBAR filing requirement, even if you never held more than $10,000 on any one day.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) requires certain US taxpayers who hold specified foreign financial assets to report those assets to the IRS using Form 8938, which is filed with your annual income tax return.
FATCA covers a broader range of assets than FBAR, including foreign bank accounts, foreign securities, foreign partnership interests, foreign mutual funds, foreign hedge funds, foreign insurance policies with cash value, and other foreign financial instruments. Your foreign bank and brokerage accounts count toward it too: this checker adds their December 31 value to the year-end total, and their added-up highest balances to the any-time total, which can only overstate it. The filing thresholds are significantly higher than FBAR and vary with your filing status and whether you live abroad: the higher living-abroad thresholds apply only if your tax home is in a foreign country and you meet a presence abroad test (Form 8938 instructions).
FBAR vs FATCA: key differences
| FBAR (FinCEN 114) | FATCA (Form 8938) | |
|---|---|---|
| Filed with | FinCEN (Treasury) | IRS (with tax return) |
| Threshold (US single) | $10,000 aggregate | $50,000 end of year / $75,000 any point |
| Assets covered | Foreign financial accounts | Broader — accounts + securities + interests |
| Deadline | April 15 (auto-ext to Oct 15) | With tax return |
| How to file | Electronic (BSA E-Filing) | With Form 1040 |
You may need to file both. FBAR and FATCA have overlapping but distinct reporting requirements. Having to file one does not exempt you from the other.
Penalties for non-filing
The penalties for failing to file FBAR or FATCA are severe and have been heavily enforced since the IRS began its offshore compliance initiatives. Non-willful FBAR violations carry penalties up to $16,536 per FBAR report — not per account, per Bittner v. United States, 598 U.S. 85 (2023) — the $10,000 statutory maximum, inflation-adjusted under 31 CFR 1010.821 for penalties assessed from January 17, 2025. Willful violations are assessed per account and can result in the greater of $165,353 or 50% of the account balance — per violation — plus potential criminal charges.
FATCA penalties start at $10,000 for failure to file, with an additional $10,000 for each 30-day period of continued non-filing after IRS notification, up to a maximum of $60,000.
If you have unfiled FBARs or FATCA forms, the IRS offers several voluntary disclosure programs including the Streamlined Filing Compliance Procedures, which may waive or reduce penalties for taxpayers who certify their non-compliance was non-willful.
Frequently asked questions
What is the FBAR filing threshold?
You must file an FBAR if the aggregate of your foreign financial accounts' maximum values during the calendar year is more than $10,000: each account's highest balance in the year, added up, even if they peaked at different times. It is a combined threshold across all accounts, not per account.
What is the difference between FBAR and FATCA?
FBAR is filed with FinCEN and covers foreign financial accounts. FATCA (Form 8938) is filed with the IRS and covers a broader range of foreign financial assets. Different thresholds, different agencies, and you may need to file both.
What are the FATCA filing thresholds?
You file if your specified foreign financial assets, foreign accounts included, are more than the first amount on the last day of the year or more than the second at any time during it. Living in the US: single or married filing separately $50K/$75K; married filing jointly $100K/$150K. Living abroad, only with a foreign tax home and a presence abroad test (a US citizen who was a bona fide resident abroad for a period including the whole tax year, or 330 full days abroad in 12 consecutive months ending in the tax year): single or married filing separately $200K/$300K; married filing jointly $400K/$600K. No Form 8938 is due if you do not have to file an income tax return.
What are the penalties for not filing FBAR?
Non-willful: up to $16,536 per FBAR report (not per account — Bittner, 2023). Willful, assessed per account: greater of $165,353 or 50% of account balance per violation, plus possible criminal prosecution.
When is the FBAR filing deadline?
April 15, with automatic extension to October 15. Filed electronically through BSA E-Filing. FATCA is due with your annual tax return.