FBAR is NOT filed with your 1040
FBAR (FinCEN 114) is filed separately through BSA E-Filing at fincen.gov — NOT with the IRS. Automatic extension to October 15 — no need to request it.
Who Must File an FBAR?
- Any US person (citizen, permanent resident, or certain entities)
- Who had a financial interest in or signature authority over foreign financial accounts
- Whose aggregate maximum value exceeded $10,000 at any point during the calendar year
- This includes: bank accounts, savings accounts, investment accounts, certain pension accounts
- Even dormant accounts or accounts you merely have signature authority over (e.g., employer accounts)
FBAR vs. FATCA — Key Differences
| Feature | FBAR (FinCEN 114) | FATCA (Form 8938) |
|---|---|---|
| Filed with | FinCEN (fincen.gov) | IRS (with Form 1040) |
| Threshold (abroad) | $10,000 aggregate | $200,000 (single) / $400,000 (married) |
| Deadline | April 15, auto-ext Oct 15 | Same as your 1040 |
| Penalty (non-willful) | Up to $10,000/year | Up to $10,000 per form |
| Penalty (willful) | Greater of $100K or 50% of account balance | Up to $50,000 |
| Accounts covered | Foreign financial accounts | Broader: stocks, partnerships, foreign trusts |