FBAR filing in 2026
FBAR filing online is the process of submitting FinCEN Form 114 through the BSA E-Filing System to report foreign financial accounts. If you are a US citizen, Green Card holder, or other US person whose foreign accounts exceeded US$10,000 in total at any point during 2025, you may need to file an FBAR in 2026.
Last updated June 19, 2026
Written by: Grace Lorraine Angeles
In this article
What are the key FBAR filing requirements for 2026?
The table below summarizes the most important FBAR filing rules for the 2025 tax year filed in 2026.
FBAR filing requirements at a glance
|
Requirement |
Details |
|
Form |
FinCEN Form 114 |
|
Filing method |
Online through the BSA E-Filing System |
|
Filing threshold |
More than US$10,000 aggregate value |
|
Due date |
|
|
Automatic extension |
October 15, 2026 |
|
Filed with |
FinCEN |
|
Filed with tax return? |
No |
Who needs to file an FBAR?
Generally, you must file an FBAR if the combined value of all your foreign financial accounts exceeded US$10,000 at any point during the calendar year. The important word here is combined.
Many people mistakenly look at each account individually. However, the rule looks at the aggregate value of all reportable foreign accounts together.
For example:
- UK checking account: US$4,000
- Australian savings account: US$3,500
- German brokerage account: US$4,000
Combined total: US$11,500
Because the total exceeded US$10,000, an FBAR filing requirement would generally apply.
Example: When an FBAR filing is required
An American living in the UK has a checking account with a maximum balance of US$4,500 and a savings account that reached US$7,000 during 2025. Neither account exceeded US$10,000 on its own. However, because the combined value of the foreign accounts exceeded US$10,000 during the year, an FBAR filing would generally be required in 2026.
Common misconception: An FBAR is only for wealthy individuals with offshore investments. In reality, many Americans abroad trigger the filing requirement through ordinary checking and savings accounts in their country of residence.
Which foreign accounts must be reported on an FBAR?
Many common financial accounts held outside the United States can be reportable. Not every overseas asset is reported the same way, but the following account types are commonly included on an FBAR.
Common FBAR reportable accounts
|
Account Type |
Usually Reportable? |
|
Foreign checking account |
Yes |
|
Foreign savings account |
Yes |
|
Foreign brokerage account |
Yes |
|
Foreign securities account |
Yes |
|
Foreign mutual fund account |
Often yes |
|
Foreign pension account |
Often, depending on the account structure and reporting rules |
|
Foreign life insurance with cash value |
Often yes |
What information do you need before filing an FBAR online?
Most people can complete the filing much faster if they gather everything beforehand.
You will generally need:
- Account holder information
- Foreign bank or institution name
- Institution address
- Account number
- Account type
- Maximum account value during 2025
- Ownership details for joint accounts
- Signature authority details, if applicable
How do you file an FBAR online?
The filing process is entirely electronic and can usually be completed in a few straightforward steps. Here is what the process generally looks like.
Step 1: Gather your account information
Collect account statements and identify the highest value each account reached during 2025. Remember that FBAR reporting focuses on maximum account values, not year-end balances.
Step 2: Access the BSA E-Filing System
Go to the FinCEN BSA E-Filing System and select the FBAR filing option. Individuals generally do not need to create an account to file their own FBAR.
Step 3: Complete FinCEN Form 114
Enter your personal information and account details. For each reportable account, you will generally provide:
- Financial institution name
- Account number
- Account type
- Maximum value during the year
Step 4: Review your information carefully
Double-check account numbers, ownership details, and maximum balances.
Step 5: Submit the FBAR and save your confirmation
After submitting the report electronically, save a copy of the confirmation page and any supporting documentation. Keep FBAR records for at least five years from the due date.
What mistakes should you avoid when filing an FBAR?
Most FBAR mistakes are avoidable. Some of the most common include:
- Forgetting to include all foreign accounts
- Reporting year-end balances instead of maximum balances
- Ignoring jointly owned accounts
- Assuming no tax owed means no FBAR is required
- Forgetting old accounts that remained open during the year
- Missing the filing deadline
- Assuming FBAR only applies to accounts that produced income
What is the difference between FBAR and Form 8938?
FBAR and Form 8938 are related, but they are not the same thing. Although they are often discussed together, they are separate reporting requirements with different filing rules and reporting thresholds.
FBAR vs Form 8938 comparison
|
FBAR |
Form 8938 |
|
FinCEN Form 114 |
IRS Form 8938 |
|
Filed with FinCEN |
Filed with the IRS |
|
Separate filing |
Attached to your tax return |
|
US$10,000 threshold |
Higher reporting thresholds |
|
Foreign account reporting |
Foreign financial asset reporting |
What happens if you miss an FBAR filing?
Missing an FBAR does not automatically mean severe penalties.
In many cases, taxpayers who discover a missed filing can correct the situation. The appropriate approach depends on the circumstances, including whether the failure was accidental and whether other tax filings are involved.
The sooner the issue is addressed, the easier it typically is to resolve. However, penalties can be significant, especially if the IRS determines that the failure to file was willful.
Also read: Fbar penalties
Frequently Asked Questions
Can I file an FBAR without filing a tax return?
Yes. FBAR filing and income tax return filing are separate requirements. Depending on your circumstances, you may have one obligation without the other.
Can married couples file a joint FBAR?
In limited situations, one spouse may be able to file on behalf of both spouses if all reportable accounts are jointly owned and the required authorization is completed. Specific eligibility requirements apply, so the rules should be reviewed carefully before relying on this option.
Do I need to file an FBAR if I owe no US tax?
Yes. FBAR filing requirements are separate from income tax obligations. Many Americans abroad must file an FBAR even if they owe no US tax or do not expect to make a tax payment.
What exchange rate should I use for FBAR reporting?
FBAR account balances are generally converted into US dollars using the US Treasury’s year-end exchange rates for the applicable calendar year.
Should I keep a copy of my FBAR submission?
Yes. Keep your FBAR confirmation and supporting records for at least five years from the FBAR due date.
Can the IRS access my FBAR information?
Yes. Although the FBAR is filed with FinCEN, the IRS has authority to enforce FBAR compliance and can access relevant information.
Do I need to report cryptocurrency on an FBAR?
As of current FinCEN guidance, virtual currency held directly in a personal wallet is generally not reportable on an FBAR. A foreign account that holds virtual currency is also generally not reportable solely because it holds virtual currency, unless it is otherwise a reportable account. Because FinCEN has signaled that digital asset reporting rules may change, taxpayers should review the latest guidance before filing.
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Grace Lorraine, an IRS Enrolled Agent and CPA with 15 years of expat tax experience, specializes in US tax preparation, tax planning, and tax advice for US citizens and Green Card holders living and working in the Middle East. Grace is also an expert in handling Streamlined Filing Compliance Procedure cases.
