If you are a U.S. person with foreign bank or financial accounts totaling more than $10,000 at any point during the calendar year, you’re required to file FinCEN Form 114, also known as the FBAR (Foreign Bank Account Report). This guide walks you through each step to file the FBAR online through the BSA E-Filing System—no mailing or IRS portal required.
📝 Step 1: Determine If You Need to File FBAR
- You must file if the total value of all foreign accounts exceeds $10,000 at any time during the year.
- “U.S. person” includes citizens, green card holders, residents, and entities like corporations or trusts.
- Reportable accounts include bank accounts, brokerage accounts, mutual funds, and even some crypto wallets depending on structure.
🔐 Step 2: Access the BSA E-Filing System
The FBAR is not filed through IRS.gov or tax software like TurboTax. It is submitted directly to FinCEN via the BSA E-Filing Portal.
No login is required for individual filers. You do not need to create an account unless filing as an institution.
📁 Step 3: Choose a Filing Method
You have two main options for submitting Form 114:
Option A: Online Form Wizard (No Download)
- Click “File FBAR as an Individual” on the homepage.
- Use the web-based wizard to fill out each section of the form in your browser.
- You’ll enter your name, address, Social Security Number or ITIN, and foreign account information.
Option B: Upload PDF or XML
- Download the PDF FBAR form or XML schema from FinCEN’s site.
- Fill out the PDF using Adobe Reader or create an XML file using supported software.
- Go to the “Submit FBAR” section and upload your completed file.
🧾 Step 4: Fill Out FBAR Details
- Filer Information: Your name, TIN, address, date of birth
- Financial Account Information: Name and address of financial institution, type of account (bank, securities, etc.), account number, maximum account value in USD during the year
- Joint Owners: If applicable, include spouse or other joint account holders
- Consolidated Filing: Entities can consolidate foreign account reports if authorized
📨 Step 5: Review and Submit
Before submitting, carefully review all information for accuracy:
- Click “Review” to see a summary of the form
- Correct any flagged errors
- Click “Submit” to electronically send your FBAR to FinCEN
You will receive a BSA Confirmation Number immediately upon submission. Save this for your records.
📧 Step 6: Verify Email Confirmation
If you entered an email address during submission, FinCEN will send a confirmation email within 24–48 hours. This email will serve as your official record of submission.
🗓️ FBAR Filing Deadline for 2025
- Due Date: April 15, 2025
- Automatic Extension: Applies through October 15, 2025—no separate extension form required
📌 Additional FBAR Tips
- File even if the account is closed during the year, if it once exceeded the threshold
- Round values to the nearest whole dollar
- Use the Treasury’s exchange rate for converting foreign currency to USD
- Do not confuse Form 114 with IRS Form 8938 (FATCA)—they are separate reporting requirements
🔒 Penalties for Non-Compliance
Failure to file the FBAR can lead to significant civil and even criminal penalties:
- Non-willful failure: Up to $10,000 per violation
- Willful failure: Greater of $100,000 or 50% of the account balance per violation
✅ Summary
Filing the FBAR (FinCEN Form 114) is a critical step for Americans with foreign financial assets. The BSA E-Filing portal makes it easy and secure to submit your report online—either through the browser-based wizard or by uploading a completed form. Remember to file by April 15 (or use the automatic extension to October 15), keep a copy of your confirmation, and stay compliant with U.S. international tax laws.
Need professional help with FBAR compliance or foreign asset reporting? Reach out to a tax preparer experienced with international filings.
