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31 U.S.C. § 5314 / 31 CFR § 1010.350 / Bittner v. US

FBAR $10,000 Threshold Calculator

Determine whether your foreign savings, NRE/NRO accounts, and mutual funds trigger mandatory FinCEN Form 114 filing.

FBAR Peak Balance Calculator

Educational estimate only. Actual FBAR reporting requires account-by-account classification and maximum-value calculations.

How the FBAR $10,000 Test Works

The FBAR threshold is based on the aggregate maximum value of reportable foreign financial accounts during the calendar year. It is not based on the amount of interest or other income earned from the accounts, and it is not necessary for the taxpayer to have taxable income from an account for the FBAR requirement to apply.

Step 1 — Identify reportable foreign financial accounts

Review foreign bank accounts, securities accounts, qualifying mutual funds, cash-value insurance or annuity accounts, and other arrangements that meet the FBAR definition. Direct ownership of assets such as foreign real estate is not automatically a foreign financial account.

Step 2 — Determine each account's maximum value

For each reportable account, determine the maximum value during the calendar year and convert foreign-currency amounts to U.S. dollars using the applicable FinCEN/Treasury exchange-rate methodology.

Step 3 — Aggregate the maximum values

Add the maximum values of the reportable accounts. If the aggregate maximum value exceeds $10,000 at any point during the calendar year, an FBAR filing requirement generally exists, subject to applicable exceptions.

Statutory Regulations & Rules

Statutory CitationLegal SubjectOperational Mandate
31 U.S.C. § 5314Foreign Account ReportingMandates annual reporting of foreign bank & financial accounts.
31 CFR § 1010.350FinCEN Form 114 DefinitionImplements FBAR reporting rules and defines reportable foreign financial accounts and related reporting concepts. The $10,000 threshold is an aggregate maximum-value rule.
Bittner v. United StatesSupreme Court Penalty CapUnder the Supreme Court's decision, the non-willful penalty is generally applied per annual FBAR/report rather than per individual account.
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Frequently Asked Questions (FAQ)

A U.S. person generally must file an FBAR when the person has a financial interest in, or signature or other authority over, one or more foreign financial accounts and the aggregate maximum value of those accounts exceeds $10,000 at any time during the calendar year. U.S. persons include individuals and certain entities, trusts, and estates. Specific regulatory exceptions can apply.

Reportable foreign financial accounts can include foreign bank and savings accounts, securities or brokerage accounts, certain foreign mutual funds or pooled funds, and insurance or annuity policies with cash value. NRE/NRO bank accounts and qualifying foreign fixed deposits generally need to be considered. PPF, pension, demat, and other investment arrangements require account-specific analysis because not every foreign asset is automatically an FBAR financial account and regulatory exceptions may apply.

In Bittner v. United States, 598 U.S. 85 (2023), the Supreme Court held that the non-willful FBAR penalty under 31 U.S.C. § 5321(a)(5)(B) applies on a per-report basis rather than a per-account basis. The underlying statutory amount is inflation-adjusted; the 2026 maximum is approximately $16,117 per report.

The FBAR is generally due April 15 following the calendar year being reported. FinCEN provides an automatic extension to October 15, so no separate extension request such as Form 4868 is required for the FBAR.

The civil penalty framework distinguishes non-willful and willful violations. A non-willful violation is generally subject to an inflation-adjusted statutory maximum per report. Under Bittner, the non-willful penalty is generally applied per annual FBAR report rather than per account. Willful violations can carry substantially higher civil penalties under 31 U.S.C. § 5321(a)(5), including an inflation-adjusted statutory amount or 50% of the relevant account balance, as applicable. Separate criminal penalties may also apply in appropriate cases.

Taxpayers with delinquent FBARs should first determine which IRS compliance procedure applies. The Streamlined Filing Compliance Procedures are available only when the taxpayer meets the applicable eligibility requirements and certifies that the conduct was non-willful. The Delinquent FBAR Submission Procedures are a separate option for certain taxpayers who do not need to file delinquent or amended tax returns to report unreported income. Taxpayers under certain examinations or criminal investigations may be ineligible for streamlined procedures.
Official Government Portals

• FinCEN BSA E-Filing System (FBAR Form 114): bsaefiling.fincen.treas.gov
• IRS Delinquent FBAR Submission Procedures: irs.gov/fbar
• FinCEN — Reporting Maximum Account Value: fincen.gov/reporting-maximum-account-value
• IRS — FBAR Filing Requirements: irs.gov/fbar