Frequently asked questions

No. The FBAR (FinCEN Form 114) is an information report about foreign accounts, filed with FinCEN, separate from your IRS income tax return. Filing it does not create a tax by itself. See What is the FBAR.

Not necessarily. The FBAR only discloses accounts. You may or may not owe tax on the income those accounts generate — that is determined separately on your tax return.

Filing directly through FinCEN's BSA E-Filing System is free. Any cost comes from optional professional help, not from the government.

Yes, if you're a U.S. person and meet the threshold. Living abroad does not exempt U.S. citizens or residents from the FBAR requirement. Expats often have reportable local accounts.

It's aggregate. Add up the maximum value each foreign account reached during the year. If the combined total tops $10,000 at any point, you generally must report all of the accounts. See Who Must File.

Yes. Each U.S. person with a financial interest in a joint account generally must report it. In limited situations a spouse can be included on the other's FBAR with proper authorization; otherwise each files separately.

Signature authority alone can trigger a filing. If you can direct the funds — even without owning them — you may need to report the account. A few narrow exceptions exist.

Guidance on virtual currency and the FBAR has been evolving. As of recent guidance, a foreign account holding only virtual currency was not automatically treated as reportable, but authorities have signaled this may change, and mixed accounts can be reportable. Because this area is unsettled, verify current rules and consider professional advice.

Often yes, but treatment varies by the type of plan and country. Some foreign pensions are reportable; the analysis can be technical. When in doubt, disclose or seek advice.

Generally no — that account is located in the United States, so it's domestic. Conversely, an account at a foreign branch of a U.S. bank is foreign and may be reportable.

Form 8938 (FATCA) is filed with your tax return to the IRS, has different and often higher thresholds, and covers a broader set of “specified foreign financial assets.” The FBAR goes to FinCEN. Some people must file both; filing one does not satisfy the other.

April 15, with an automatic extension to October 15 — no request needed. See Deadlines.

File the delinquent FBARs as soon as possible; the system asks for a reason for late filing. Depending on your facts, IRS compliance procedures may apply. This is a good time to consult a professional. See Penalties & Compliance.

Yes. You can submit an amended FBAR that references the original and corrects the error.

Penalties can apply, and they depend on whether the failure was non-willful or willful. Coming forward voluntarily is generally viewed more favorably than being discovered. See Penalties.

In non-willful cases, penalties may be reduced or waived where there was reasonable cause and good faith. Outcomes are fact-specific.