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FBAR filing for foreign bank accounts.

If your foreign accounts added up to more than $10,000 at any point in the year, you owe the U.S. Treasury an FBAR (FinCEN Form 114). We prepare and file it, and fix missed years the safe way.

Who files

Tax residency decides it, not your visa.

U.S. citizens and green card holders

Wherever you live, if your foreign accounts cross the threshold.

H-1B, L-1 and H-4 holders

Most are U.S. tax residents under the substantial presence test, so the same rules apply.

The $10,000 test

Add up the highest balance of every foreign account. If the combined total crossed $10,000 at any point, you file.

F-1 students

Often exempt as non-residents in their first five calendar years, but check before you assume.

What counts

More than your savings account.

  • NRE and NRO savings accounts, and fixed deposits (NRE, NRO, FCNR)
  • Demat, broking and mutual fund accounts
  • Insurance policies with a cash value
  • Joint accounts with parents: each owner reports the full balance
  • Accounts you can only sign on, and accounts closed during the year
Deadlines and penalties

April 15, automatically extended to October 15.

The FBAR is filed with FinCEN, separately from your Form 1040. There is no fee and no tax to pay, but the penalties are real: up to $16,536 per report for a non-willful miss, and the greater of $165,353 or half the balance when it is willful. On July 1, 2026 the IRS withdrew its Delinquent FBAR Submission Procedures, so late filings now need a plan, not just a quick upload.

Missed years

Behind on FBARs? Don't file quietly.

Streamlined procedures

For non-willful cases: amended returns for three years and FBARs for six, with a 5% penalty if you live in the U.S. and 0% if you qualify as living abroad.

Reasonable cause

If all income was reported and tax paid, a late FBAR with a clear written explanation may avoid a penalty.

Form 8938 too

Larger balances also need Form 8938 with your return. We check both together.

One call first

Bring your account list. We'll tell you which route fits before anything is filed.

FAQ

Questions we get every week

Do I need to file an FBAR if my NRE interest is tax-free in India?
Yes. The FBAR reports the account, not the tax. NRE interest is also taxable on your U.S. return if you are a U.S. tax resident.
Each of my accounts is under $10,000. Do I still file?
If the combined highest balances of all your foreign accounts crossed $10,000 at any point in the year, yes.
Is the FBAR part of my tax return?
No. It is filed separately with FinCEN through the BSA E-Filing System. Ask your preparer whether they filed it.
When is the FBAR due?
April 15, with an automatic extension to October 15. No request is needed for the extension.
What if I missed FBARs in earlier years?
Talk to a CPA before filing. The Streamlined procedures or a reasonable-cause filing are usually safer than filing the missing years with no explanation.

General information, not advice for your situation. Figures checked October 2026.

Foreign accounts back home? Let's get your FBAR right.

Call or text (847) 278-7305 or email Tax@taxman365.com.

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