Asset Threshold Evaluator
Filing Guidelines
| Residency & Status | Year End | Any Point |
|---|---|---|
| US Resident (Single) | $50,000 | $75,000 |
| US Resident (Joint) | $100,000 | $150,000 |
| Living Abroad (Single) | $200,000 | $300,000 |
| Living Abroad (Joint) | $400,000 | $600,000 |
| * FBAR (FinCEN 114) applies to all U.S. persons with a combined foreign account value exceeding $10,000 at any point in the year, regardless of filing status or residency. | ||
Need CPA Filing Help?
FBAR and FATCA reporting can be complex, especially with foreign pension funds (like PPF, EPF, RRSP, or ISAs).
Submit a query to our partner expat CPA network to get professional assistance with filing your Form 8938 and FinCEN Form 114 safely.
FBAR & FATCA Frequently Asked Questions
What is the deadline for filing FBAR and Form 8938?
The FBAR is due on April 15 of the year following the calendar year being reported. However, you are granted an automatic extension to October 15 with no request form required. Form 8938 must be submitted alongside your federal income tax return (Form 1040), so its deadline matches your tax filing date (including any extensions).
Do I need to report foreign pension and retirement accounts?
Yes. Foreign retirement and pension accounts (such as India's PPF and EPF, Canada's RRSP, or UK's LISAs/ISAs) are considered foreign financial accounts. You must include their maximum values when calculating FBAR and FATCA thresholds.
What are the penalties for missing a filing?
The penalties are severe. Failing to file an FBAR when required can lead to an automatic civil penalty starting at $10,000 USD for non-willful violations. If the IRS determines the omission was willful, the penalty can rise to $100,000 or 50% of the account balance, whichever is higher, plus criminal penalties.
How do I determine if I am a Resident Alien subject to these rules?
U.S. tax residents (Resident Aliens) are subject to FBAR and FATCA. If you are on a temporary visa (H-1B, L-1, O-1, F-1 OPT), you must count your physical days in the U.S. using our Substantial Presence Calculator or read our detailed Substantial Presence Test Guide to check your status.