Foreign bank accounts are not something most people think about during the regular tax season. Then the question comes up: Do I need to report this account, and if so, when is the FBAR due?

The FBAR, officially known as FinCEN Form 114, is separate from your federal income tax return. If you meet the reporting threshold, it has to be submitted separately through FinCEN's electronic filing system.

Here is a straightforward look at the deadline, the filing fee, and what the FBAR submission process generally involves.

When Is the FBAR Due and What Is Its Deadline?

For most filers, it is due on April 15 following the calendar year being reported. For example, an FBAR covering foreign accounts held during 2025 is generally due by April 15, 2026. If you do not file by that date, an automatic extension is generally available until October 15, 2026. You do not need to file a separate extension request to receive that additional time.

This automatic extension is one detail that can make the deadline less confusing, but it should not be used as a reason to put off filing. Gathering account information can take time, particularly when accounts are held with banks or financial institutions outside the United States.

Who May Need to File an FBAR?

In general, it may be required when a U.S. person has a financial interest in, or signature authority over, one or more foreign financial accounts and the combined value of those accounts exceeds $10,000 at any point during the calendar year. The threshold is based on the aggregate value of the accounts, not simply the balance of one account.

For example, you might have several foreign accounts, each holding less than $10,000. If their combined maximum value exceeds the reporting threshold at any time during the year, an FBAR filing requirement may apply.

Foreign financial accounts can include more than a regular checking or savings account. Depending on the circumstances, accounts such as brokerage accounts, certain investment accounts, and some insurance or annuity policies with cash value may also fall within the reporting rules.

Because the rules can depend on the type of account and your relationship to it, it is worth reviewing your situation carefully rather than assuming that an account does not need to be reported.

Is There a Filing Fee?

One common question people have is about the FBAR filing fee. FinCEN does not charge an individual filing fee simply to submit the form. However, if you choose to have a tax professional or other authorized representative assist with the filing, that person or firm may charge for their services. The amount can vary depending on the number of accounts involved and the work required.

The cost of professional help and the government filing requirement are two separate things. It is also important to remember that filing an FBAR is not the same as paying a tax. The report is used to disclose qualifying foreign financial accounts.

What Information Is Needed for the Submission?

It is easier to complete an FBAR when you have the necessary account information ready beforehand. Depending on the accounts being reported, you may need details such as:

• The name on each account
• The account number
• The name and address of the foreign financial institution
• The type of account
• The maximum value of the account during the reporting year

FinCEN and the IRS also require records relating to reportable accounts to be kept for the required period. Gathering your information before starting the form can make the FBAR submission process much more manageable.

For accounts held in foreign currency, the maximum value generally needs to be converted to U.S. dollars using the applicable exchange rate rules.

How Is the FBAR Submitted?

The FBAR is generally filed electronically through FinCEN's BSA E-Filing System. It is not submitted with your federal income tax return, even if both filings are due around the same time.

A person can complete their own filing or authorize another person to file electronically on their behalf. FinCEN Report 114a may be used to authorize an individual to submit an FBAR on your behalf. However, that authorization form is generally kept in your records rather than submitted with the FBAR itself.

Before submitting the report, take time to review the account information. An incorrect account number, an incorrect maximum value, or a missing account can cause problems later and may require an amended filing.

Conclusion

The FBAR deadline is easy to miss because it is separate from the regular tax return, even though the initial due date generally falls on April 15. The automatic extension to October 15 provides additional time, but it is still a good idea to start collecting account records well before the deadline.

If you believe you may have a filing requirement, first determine which accounts need to be reviewed, gather the relevant information, and make sure the FBAR submission is completed through the proper system. Taking care of those details early can save you from having to track down foreign account records at the last minute.