If you have a financial interest in a foreign bank or financial account, you may need to file FinCEN Report 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR).
Important: Our program does not support filing FinCEN Report 114. The IRS requires this form to be filed separately from your federal income tax return.
What Is FinCEN Report 114 (FBAR)?
The FBAR is used to report:
- A financial interest in one or more foreign financial accounts, or
- Signature or other authority over foreign financial accounts
The report is filed with the Financial Crimes Enforcement Network (FinCEN), not with your tax return.
Who Must File an FBAR?
A U.S. person generally must file an FBAR if:
- They have a financial interest in or signature authority over one or more foreign financial accounts, and
- The combined value of all foreign financial accounts exceeds $10,000 at any time during the calendar year
The $10,000 threshold applies to the aggregate value of all foreign accounts combined, not to each account individually.
Example
If you had:
- $6,000 in a foreign savings account, and
- $5,500 in a foreign investment account
your combined foreign account balance would be $11,500. Because the total exceeded $10,000 during the year, you would generally be required to file an FBAR.
When Is the FBAR Due?
The FBAR is generally due on April 15 following the calendar year being reported. An automatic extension is available until October 15 if you miss the April deadline.
Because FBAR filing requirements can change, review the latest guidance from FinCEN before filing.
How Do I File the FBAR?
Since this form cannot be filed through our tax software, you'll need to submit it directly through the FinCEN BSA E-Filing System.
For additional information about FBAR requirements and access to the electronic FinCEN Report 114 filing system, visit the official FinCEN website.
Related Tip
If you have foreign financial accounts, you may also need to answer questions on Schedule B (Form 1040) and could have additional international reporting obligations depending on your situation. Review all foreign account and asset reporting requirements carefully when preparing your tax return.