FBAR Filing — FinCEN Form 114
If the combined maximum value of all your foreign financial accounts exceeded $10,000 at any point during the year, you are required to file FinCEN Form 114 — the FBAR. This is one of the most commonly missed US compliance requirements for Americans abroad. The penalties for wilful non-filing can reach 50% of the account balance per year. Our Expat and Investor packages include FBAR filing.
Get started with your filingWho this is for
- ✓ US citizens, green card holders, or US residents with foreign bank accounts
- ✓ Americans with the combined maximum value of foreign accounts exceeding $10,000
- ✓ Those with signature authority over foreign accounts (such as employer accounts)
- ✓ Expats with accounts in multiple countries, which aggregate toward the threshold
- ✓ Anyone who may have missed FBAR filings in prior years
What this filing may involve
Every situation is different. The forms below commonly apply — your specific filing may vary.
- 1 FinCEN Form 114 — FBAR filed electronically through the BSA E-Filing System (not the IRS)
- 2 Form 8938 — FATCA Statement of Specified Foreign Financial Assets (separate from FBAR, higher thresholds)
- 3 Prior year FBARs — under the Streamlined Procedure, 6 years of FBARs must be filed to catch up
Documents usually needed
- 📄 Bank statements for all foreign accounts showing maximum balances during the year
- 📄 Account numbers and institution names for every foreign financial account
- 📄 Name and address of each foreign financial institution
- 📄 Maximum value of each account during the calendar year (in the account's native currency)
- 📄 Exchange rates used to convert to USD
How Nomadic.Tax works
AI-assisted preparation with licensed professional review — every time.
You provide account details and maximum balances for all foreign financial accounts
We aggregate the USD values across all accounts to confirm whether the filing threshold is met
Our system prepares FinCEN Form 114 for electronic submission through the BSA E-Filing System
A licensed CPA reviews the FBAR before submission, coordinating it with your Form 1040 filing
When human review matters
- ⓘ FBAR is filed separately from your tax return — it goes to FinCEN, not the IRS
- ⓘ Accounts you have signature authority over (even if not your money) count toward the threshold
- ⓘ Cryptocurrency held at foreign exchanges may be reportable — this area continues to evolve
Deeper reading on NomadIcTax.org, our educational resource site
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- entrepreneur, Singapore
Relevant plans
Choose the package that best fits your situation, or view all plans.
- ✓ Everything in Premier
- ✓ Foreign Earned Income Exclusion (Form 2555)
- ✓ Foreign Tax Credit (Form 1116)
- ✓ FBAR filing (FinCEN 114) included
- ✓ Everything in Expat
- ✓ Schedules D & E for investments and rentals
- ✓ Foreign asset reporting (Form 8938)
- ✓ FBAR filing (FinCEN 114) included
Frequently asked questions about FBAR Filing — FinCEN Form 114
What counts as a foreign financial account for FBAR?
Foreign bank accounts, savings accounts, investment brokerage accounts, pension accounts at foreign institutions, crypto held at foreign exchanges, and accounts you have signature authority over (such as an employer's business account). The $10,000 threshold is an aggregate across all accounts.
What is the FBAR deadline?
April 15, with an automatic extension to October 15 for all filers (no form required). This is the same timeline as the US tax return. FBAR cannot be extended beyond October 15.
What are the penalties for not filing FBAR?
Non-wilful violations: up to $10,000 per violation per year. Wilful violations: the greater of $100,000 or 50% of the account balance per violation per year, plus potential criminal penalties. The distinction between wilful and non-wilful matters enormously.
I haven't filed FBAR in several years — what should I do?
The IRS Streamlined Foreign Offshore Procedure allows qualifying non-wilful non-filers to catch up on 3 years of returns and 6 years of FBARs with penalties waived. This is far better than waiting for the IRS to discover the delinquency.
Is FBAR the same as Form 8938 (FATCA)?
No. They're separate filings with different thresholds and purposes. FBAR covers foreign financial accounts over $10,000 aggregate. Form 8938 covers specified foreign financial assets with higher thresholds ($50,000 for US residents, $200,000 for those living abroad). Both may be required.