FBAR filing requirements and deadlines in 2026
Whether you live in the US or abroad, if you hold an account in a foreign bank — whether savings, pension, or investment — you may be required to comply with FBAR (Report of Foreign Bank and Financial Accounts) filing requirements. Many Americans are unaware that simply having a foreign bank account can trigger FBAR obligations.
The US government enforces foreign account reporting through international agreements, requiring foreign banks to share details on US account holders. So, don’t assume your accounts will go unnoticed.
In this article, we explain everything you need to know about foreign bank account report (FBAR).
| Who must file FBAR | U.S. persons with foreign bank accounts totaling over $10,000 at any point during the year |
| What counts as a foreign bank account | Any account held outside the U.S., including savings, investments, pensions, and insurance with cash value |
| FBAR deadline | April 15, 2026 (automatic extension to October 15, 2026) |
| How to file FBAR | Electronically using FinCEN Form 114 through the BSA E-Filing System. |
| FBAR penalties | Up to $16,536 for non-willful violations; up to $165,353 or 50% of account balance for willful violations |
What is FBAR?
The Foreign Bank and Financial Accounts Report (FBAR) helps the US government detect tax evasion and money laundering involving foreign bank accounts. FBAR is filed using FinCEN Form 114.
You must file an FBAR if the combined balance of your foreign bank accounts exceeded $10,000 at any time during the calendar year. This includes:
- personal accounts in foreign banks
- securities and brokerage accounts
- mutual funds
- insurance or annuity policies with a cash value
FBAR is not a tax form, and its filing is not based on tax rates. However, income earned from foreign bank accounts is subject to US taxation and may also be taxed in the country where the accounts are held.
Who is required to file an FBAR?
You must file an FBAR if all three of these apply:
- You are a US person, including citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates.
- You have a financial interest in or signature authority over at least one foreign bank account.
- The combined value of all foreign bank accounts exceeded $10,000 at any time during the year.
The $10,000 threshold applies to the total of all accounts combined, not to each account individually.
Financial interest includes direct ownership or indirect interests, such as bank accounts held through entities you control or trusts where you are a beneficiary.
Signature authority means you can control account assets, such as managing a parent’s bank account or handling a corporate account.
NOTE! Even if you don’t own the account, you may still have an FBAR filing obligation if you have the authority to direct transactions, access funds, or make decisions on behalf of the account holder.
How to file FBAR: step-by-step guide
You can file FBAR yourself or authorize a tax professional to file for you. To grant authorization, you’ll need to sign FinCEN Form 114a. You should keep this form in your records in case FinCEN or the IRS requests it.
Step 1: Gather your records (preparation)
Before you start the filing process, make sure you have all the necessary information ready. This preparation step will save you time and help ensure accuracy.
First, gather the maximum account value for each of your foreign accounts during the year. This is crucial: you must use the Treasury Department's Year-End Exchange Rate for December 31, 2025, to convert any foreign currency amounts to USD — even if your account hit its peak value at a different time of year.
You'll also need account numbers and the addresses of each foreign bank where you hold funds.
Reportable assets checklist:
Make sure to include these common account types:
- Bank accounts (checking, savings, time deposits)
- Foreign mutual funds
- Life insurance policies with cash value
Step 2: Determine filing method (individual vs. joint)
Next, decide whether you'll file individually or jointly with your spouse.
For joint accounts: If you and your spouse share foreign accounts and want to file together, make sure you both sign Form 114a (Record of Authorization) before proceeding. This authorization allows one spouse to file on behalf of both.
Keep in mind that if your spouse maintains separate foreign accounts, they'll need to file their own FBAR. When filing separately, any jointly-held accounts should be reported on both returns.
Step 3: Access the BSA e-filing system
Now you're ready to access the official filing platform.
Head to the BSA E-Filing System — this is where all FBAR submissions are processed. When you arrive, you'll see two filing options:
- "PDF FBAR" – Download the form, fill it out on your computer, then upload it back to the system
- "Online FBAR" – Complete the entire form directly in your web browser
Important note: FBAR is filed through FinCEN's system, not through IRS.gov with your regular tax return. These are completely separate filings.
If you absolutely need to file a paper FBAR (rather than electronically), you'll need to contact FinCEN's Resource Center first and request special approval. Paper filing is only permitted in rare circumstances.
Step 4: Fill out the form
Once you're in the system, it's time to fill out FinCEN Form 114.
The form will ask you to provide your personal information as the filer, then move on to the details of each financial account. For every account, you'll need to enter specifics like account numbers, the names and addresses of the financial institutions, and the maximum balance each account reached during the year.
Take your time here – accuracy is essential.
Step 5: Sign and submit
After double-checking everything, you're ready to submit.
Use the system's electronic signature feature to sign your FBAR, then submit it through the platform.
Once your submission goes through, save a copy of the confirmation page or email you receive. This is your proof of filing, and you should keep it with your tax records for at least five years.
FBAR filing deadlines for 2026
Your FBAR for the 2025 calendar year must be filed by April 15, 2026. This deadline aligns with Tax Day, though remember that FBAR is filed separately from your federal tax return.
Missed April 15? Don't panic. You automatically receive an extension until October 15, 2026 — no application or request needed. Still, it's best to file as early as possible to avoid any potential complications.
Also read – Expat tax due dates and deadlines
Penalties for not filing FBAR
Failing to file an FBAR can lead to serious consequences. If the violation is non-willful – caused by negligence or misunderstanding – the penalty can be up to $16,536 per violation.
Willful violations, where there is intentional or reckless disregard, carry much steeper penalties: the greater of $165,353 or 50% of the account balance at the time of the violation.
In the most severe cases, willful violations can also result in criminal charges, with fines up to $250,000 and/or up to five years in prison.
Missed the FBAR deadline?
If the IRS hasn’t contacted you yet, file FBAR as soon as possible to reduce potential penalties. Waiting too long increases the risk of costly fines, but at Taxes for Expats we can help you navigate the process stress-free.
If you qualify, our team can guide you through the IRS Streamlined Compliance Procedures – a penalty-free way to catch up on past filings.
We handle everything, from preparing the necessary forms to crafting a strong explanation for late FBAR submission, ensuring you stay compliant with minimal hassle.
FBAR vs. FATCA (Form 8938): key differences
FATCA (Foreign Account Tax Compliance Act) is another reporting requirement for Americans with foreign financial assets. Although FBAR and FATCA (Form 8938) both involve foreign bank account reporting, they serve different purposes and have distinct requirements.
Consult the table below for key differences between FATCA and FBAR:
| Category | FBAR (FinCEN Form 114) | FATCA (Form 8938) |
| Who must file? | US persons with foreign bank accounts over $10,000 | Specified individuals/entities with foreign assets above thresholds |
| Filing threshold | $10,000 total | Varies ($50,000-$600,000 depending on status) |
| Reportable assets | Foreign bank and financial accounts | Foreign financial assets, including bank accounts, investments, and securities |
| Deadline | April 15 (automatic extension to Oct 15) | With annual tax return (Form 1040) |
| Penalties | Up to $16,536 | Up to $10,000, increasing for ongoing non-compliance |
| Criminal liability | Yes, for willful violations | Yes, for tax evasion or fraud |
| US territories | Applies | Excludes (e.g., Puerto Rico, Guam) |
Need help with FBAR filing?
FBAR filing requirements can be complex, especially when managing multiple foreign accounts or dealing with intricate financial situations. At Taxes for Expats, we understand the challenges of expat tax filing and are here to help guide you through every step.
Our team of tax experts specializes in both US tax returns and FBAR filings, ensuring that everything is completed correctly and submitted on time.
FAQ
You must report foreign bank accounts, brokerage accounts, mutual funds, and any other financial accounts held at a foreign institution if their aggregate value exceeds $10,000 at any point during the year. This includes accounts where you have signature authority, even if they are not in your name.
You should keep FBAR-related records for at least five years from the due date of the FBAR.
You can file an FBAR yourself using FinCEN’s BSA E-Filing System. However, hiring a tax professional can help ensure accuracy and avoid costly penalties.
After filing your FBAR through FinCEN’s BSA E-Filing System, you should receive an electronic confirmation. You can also check your submission status on the BSA E-Filing website or contact FinCEN’s support for verification.
Yes, if you have a financial interest in or signature authority over foreign financial accounts with a total value of more than $10,000 at any point during the tax year, you are required to file an FBAR every year.
If you have never filed an FBAR but should have, it is important to file it as soon as possible. The US Department of the Treasury has established voluntary disclosure programs that allow taxpayers to disclose their foreign financial accounts and file FBAR without facing criminal prosecution.
