FBAR Calculator — FinCEN 114 Threshold Check

The FBAR (FinCEN Form 114, Foreign Bank and Financial Accounts Report) is a separate disclosure filing — not part of Form 1040 — required under the Bank Secrecy Act (31 USC 5314). US persons who have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year must file. The deadline is April 15, with an automatic extension to October 15 available via the BSA E-Filing System. Unlike most IRS forms, the FBAR is filed electronically with FinCEN, not the IRS.

Reportable foreign financial accounts include: bank accounts (checking and savings), brokerage accounts, mutual fund accounts, pension or retirement accounts, certain life insurance or annuity policies with cash value, and accounts over which you have signature authority (even if you have no financial interest). The account must be maintained at a financial institution located outside the United States. Accounts at US branches of foreign banks are generally not reportable; accounts at foreign branches of US banks are reportable.

The threshold is calculated on an aggregate basis using the maximum (peak) balance of each account at any point during the calendar year — not just the year-end balance. All accounts are aggregated: if you have three accounts with peak balances of $4,000, $3,500, and $3,000, the aggregate is $10,500 and an FBAR is required for all three accounts. Non-USD balances are converted using Treasury year-end exchange rates (not the rate at the date of the peak balance).

FBAR penalties are among the most severe in US tax law. Non-willful violations: up to $156,107 per violation per year (2024 inflation-adjusted; 31 USC 5321(a)(5)(B)). Willful violations: the greater of $156,107 or 50% of the account balance at the time of the violation — and each year of non-disclosure is a separate violation. Criminal prosecution is also possible. If you are not current on FBAR filings, consult a tax attorney about the IRS Streamlined Filing Compliance Procedures.