The rule to understand
The IRS says a US person generally must file an FBAR if they have a financial interest in or signature authority over foreign financial accounts and the aggregate value of those accounts exceeded $10,000 at any time during the calendar year, subject to applicable exceptions.
Combined value matters
The threshold is measured across covered accounts together. Checking each account separately can miss a reporting obligation when the combined value crosses the threshold. The IRS describes the relevant accounts, who must file and available exceptions.
Reporting is separate from income tax
The FBAR is FinCEN Form 114 and is filed electronically through the BSA E-Filing System. It is not the same form as a federal income tax return. Other reporting requirements may also apply depending on the facts.
Get help with the details
Identify accounts and signatory authority, keep records and use the current IRS and FinCEN instructions. If you are catching up on missed filings or are unsure whether an exception applies, seek advice tailored to your situation. FileAbroad is a business operated by the publisher that offers US tax filing help.
This article was prepared with AI assistance and may contain errors. It is general information, not personalized tax, legal or financial advice. Rules change; consult the linked official sources and a qualified professional about your circumstances.