What is an FBAR and who needs to file?

An FBAR (FinCEN Form 114) is required for any US person — citizens, green card holders, and residents — who has foreign financial accounts that together exceeded $10,000 at any point during the calendar year. This includes Americans living abroad, immigrants maintaining accounts in their home country, and dual citizens. If the total across all your foreign accounts hit $10,000 for even one day, you're required to file.

What's the penalty for not filing?

Non-willful failure to file carries a penalty of up to $16,536 per account, per year. Willful failure can result in penalties up to $165,353 or 50% of the account balance, whichever is greater. Criminal penalties can include up to 5 years imprisonment. The good news: the IRS rarely penalizes taxpayers who come forward voluntarily with non-willful violations.

When is the FBAR deadline?

The FBAR is due April 15 each year, with an automatic extension to October 15. No extension request is needed — it applies automatically. For the 2025 tax year, the October 15, 2026 extension deadline is the current active deadline. We recommend filing as early as possible to stay ahead of the deadline.

How does the FinCEN submission work?

We generate your completed FinCEN Form 114 — both a FinCEN-compliant XML for submission and a PDF copy for your records. We walk you through uploading to the BSA E-Filing system, the same portal CPAs and tax professionals use. The upload takes about 2 minutes. Once submitted, you get a BSA tracking ID as proof of filing, saved in your dashboard alongside your PDF receipt.

How is my data protected?

Your SSN and account numbers are encrypted with AES-256-GCM before they're stored. The encryption architecture means we cannot access your sensitive data in plain text. All traffic uses TLS. Bank statement uploads are encrypted at rest and deleted after data extraction is complete.

What if I have accounts in multiple countries?

You can add as many accounts as you need — there's no per-account charge. We handle currency conversion automatically using Treasury Department exchange rates for the reporting year. Five accounts across three countries is the same $29.

Can I file for previous years?

Yes. You can file for any year going back 6 years. Each year is a separate filing. If you have multiple years of unfiled FBARs, we recommend consulting a tax professional about the Streamlined Filing Compliance Procedures before filing — it can protect you from penalties.

How is this different from using a CPA?

A CPA typically charges $200–500 for FBAR preparation. For straightforward filings, the work involved is primarily data entry — your name, bank details, and account balances. We handle that same process for $29 in about 12 minutes, with bank-grade encryption. For complex situations like delinquent filings, FATCA Form 8938, or tax treaty issues, a CPA is the right choice.

Can I file myself for free on the BSA site?

Yes, the BSA E-Filing system at FinCEN is free and open to the public. It's a functional but dated system — no save-and-resume, no currency conversion, and no error checking before submission. Most filers report it takes 45–90 minutes. FBAR File provides a modern interface with automatic currency conversion, error detection, and the ability to save your progress for $29.

Is my data really safe?

We use AES-256-GCM encryption — the same standard used by the US government for classified information. Your SSN and account numbers are encrypted before they're written to our database, using a key derived from your account. We cannot read them in plain text. Bank statement uploads are encrypted at rest and automatically deleted after data extraction.

FBAR for Joint Accounts with a Non-US Spouse

The Basic Rule

If you're a US person (citizen or green card holder) with a joint foreign account that your non-US spouse also has access to, you must report the account on your FBAR. Your non-US spouse generally does not need to file — the obligation belongs to the US person.

What Gets Reported

You report the full value of the joint account, not half. If a joint checking account peaked at $25,000, you report $25,000 — even if your spouse deposited all of it.

This is a common point of confusion. The FBAR doesn't care about ownership percentages. If you have a financial interest in the account, you report its full maximum value.

When Your Spouse Is Also a US Person

If both spouses are US persons (both citizens or green card holders), both have a filing obligation. However, you can file a single joint FBAR if:

All reportable accounts are jointly owned
The filing spouse reports all joint accounts
Both spouses sign FinCEN Form 114a (Record of Authorization to Electronically File FBARs)

Form 114a is kept in your records — it's not submitted to FinCEN. It simply documents that one spouse authorized the other to file on their behalf.

When Your Spouse Is NOT a US Person

A non-US citizen, non-resident spouse has no FBAR obligation. Only "US persons" must file. You file your own FBAR reporting the joint accounts.

However, if your non-US spouse becomes a green card holder or meets the substantial presence test, they become a US person and must file their own FBAR going forward.

Accounts in Your Spouse's Name Only

If a foreign account is solely in your non-US spouse's name and you have no signature authority or financial interest, you don't report it. But if you can make withdrawals, sign checks, or direct transactions on the account, you have signature authority and must report it.

Common Scenarios

Scenario 1: US citizen married to a French citizen. Joint checking account at BNP Paribas with $30,000 max balance. The US citizen reports the full $30,000. The French spouse does nothing.

Scenario 2: Both spouses are US citizens with joint accounts in Canada. Either spouse can file a joint FBAR reporting all accounts, with both signing Form 114a.

Scenario 3: US citizen, spouse is a permanent resident (green card holder). Both are US persons — both must file, or they file jointly.

Filing with FBAR File

When adding a joint account in FBAR File, select "Joint" as the ownership type and enter the joint owner's details. We handle the correct FinCEN formatting for joint accounts automatically.