What is Form 114?

FinCEN Form 114, officially called the Report of Foreign Bank and Financial Accounts (FBAR), is an annual report that many US citizens and other US persons must file if the combined value of their foreign financial accounts exceeds US$10,000 at any point during the calendar year. Although many people think Form 114 is an IRS tax form, it is actually filed electronically with the Financial Crimes Enforcement Network (FinCEN), not with your federal tax return.

Last Updated June 30, 2026

Written by Grace Lorraine Angeles

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What is Form 114 used for?

Form 114 is used to report certain foreign financial accounts when their combined value exceeds the reporting threshold.

The information reported on Form 114 helps the US government identify offshore financial activity that may be linked to tax evasion, money laundering, or other financial crimes. For most Americans living overseas, however, Form 114 is simply another annual reporting requirement that comes with maintaining foreign financial accounts.

Quick tip: Remember that filing Form 114 doesn’t mean you’ll owe additional tax. It is a disclosure requirement, not a tax form.

Do I need to file Form 114?

You generally need to file Form 114 if all of the following apply:

You are a US person, such as a US citizen, Green Card holder, resident alien, or certain US entity.
You have a financial interest in, or signature authority over, one or more foreign financial accounts.
The aggregate maximum value of your reportable foreign financial accounts exceeded US$10,000 during the calendar year.

Many Americans are surprised by the third requirement because the threshold applies to all foreign accounts combined, not to each account separately.

For example, suppose you live in Australia and have:

How the US$10,000 filing threshold works

Foreign account	Highest balance during the year
Checking account	US$4,200
Savings account	US$3,600
Investment account	US$3,100

Although none of these accounts individually exceeded US$10,000, their aggregate maximum values total US$10,900. Because the total exceeded US$10,000 during the year, you would generally have an FBAR filing requirement.

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Which foreign accounts count toward the US$10,000 threshold?

The reporting threshold includes many types of foreign financial accounts, not just everyday bank accounts.

Common examples include:

Foreign checking accounts
Foreign savings accounts
Brokerage and investment accounts
Certain foreign retirement or pension accounts
Mutual funds held outside the United States
Some life insurance policies with a cash value

On the other hand, assets that are not financial accounts generally do not count toward the FBAR threshold.

Examples of what counts, and does not count, toward Form 114

Account or asset	Usually reportable?
Foreign bank account	Yes
Foreign brokerage account	Yes
Foreign mutual fund	Usually
Foreign pension account	Often
Directly owned foreign real estate	No
Personal vehicles	No

Whether a particular account must be reported can depend on its legal structure. If you have an unusual investment or employer-sponsored account overseas, it is worth reviewing the reporting rules before filing.

Does joint ownership or signature authority matter?

Yes. You may still need to file Form 114 even if you are not the only owner of the account.

For example, you may have:

a joint bank account with your spouse,
signature authority over your employer’s foreign bank account, or
signature authority or another power to control a parent’s foreign financial account by communicating directly with the financial institution.

Depending on the circumstances, these accounts may still need to be reported on your FBAR.

How do I file Form 114?

You file Form 114 electronically through FinCEN’s BSA E-Filing System. It is not attached to your US tax return, and it is not mailed to the IRS.

Before you start, gather the details for each foreign financial account you need to report. This usually includes the name of the bank or financial institution, the account number, the type of account, the country where the account is held, and the highest value of the account during the calendar year.

Once you have those details ready, the filing process is fairly straightforward.

Step 1: Determine whether you need to file. First, check the highest value of each foreign financial account during the year. If the combined total of all your foreign accounts exceeded US$10,000 at any point during 2025, you generally need to file Form 114 in 2026.

Step 2: Convert the account values into US dollars. If your accounts are held in a foreign currency, convert each account’s highest value during the calendar year into US dollars.

Use the US Treasury year-end exchange rate for December 31 of the reporting year, and round the converted amount up to the next whole US dollar before reporting it on your FBAR.

Step 3: Complete Form 114 through the BSA E-Filing System. You’ll enter your personal details and the account information for each reportable foreign account. Make sure the account numbers, financial institution names, and maximum values are accurate before submitting.

Step 4: Submit the form electronically. Form 114 must be filed online. Once submitted, keep a copy of the filing confirmation with your records. You should generally keep FBAR records for five years from the due date.

FBAR filing deadline: For the 2025 reporting year, Form 114 is generally due on April 15, 2026. If you do not file by then, you automatically receive an extension until October 15, 2026. You do not need to submit a separate extension request.

What should I do if I miss the Form 114 deadline?

If you miss the Form 114 deadline, you should generally file the report as soon as you realize the mistake. What you do next depends on whether you missed just one year or multiple years.

If you’ve missed multiple years of Form 114 filings. Many Americans abroad don’t realize they have an FBAR filing requirement until years later. If you’ve missed more than one year, it’s generally best to review your situation before filing. The appropriate way to catch up depends on your individual circumstances and whether your US tax returns have also been filed.
If you’re filing the current year’s Form 114. You don’t need to request an extension if you file after the April 15 deadline but before October 15. Form 114 automatically receives an extension until October 15, giving you additional time to file without submitting a separate extension request.
If you file after October 15, your FBAR is considered late, and you should include the required reason for filing late.

Is Form 114 the same as Form 8938?

No. Although both forms relate to foreign financial assets, they serve different purposes and have different filing requirements.

Form 114 vs. Form 8938 comparison

Feature	Form 114 (FBAR)	Form 8938
Filed with	FinCEN	IRS
Submitted with tax return	No	Yes
Filing threshold	More than US$10,000 combined foreign account value	Higher thresholds that vary based on filing status and where you live
Reports	Foreign financial accounts	Specified foreign financial assets

Even if you file Form 8938 with your federal tax return, you may still need to submit Form 114 separately if you meet the FBAR reporting requirements.

For Americans living abroad: Form 8938 generally applies if your specified foreign financial assets exceed US$200,000 on the last day of the tax year (or US$300,000 at any time during the year) for single filers, or US$400,000 on the last day (or US$600,000 at any time) for married couples filing jointly.

Frequently Asked Questions

Do I have to pay tax when I file Form 114?

No. Form 114 is an informational report. Filing it does not create additional tax or increase the amount of tax you owe.

Can I file Form 114 myself?

Yes. Individuals can file Form 114 electronically through FinCEN’s BSA E-Filing System without using a tax professional. Before filing, make sure you have the required information for each reportable foreign account.

What exchange rate should I use for Form 114?

Foreign account balances must be reported in US dollars. FinCEN instructs taxpayers to use the Treasury year-end exchange rate for the last day of the calendar year being reported.

These are commonly found through the Treasury Reporting Rates of Exchange. If no Treasury rate is available, use another verifiable exchange rate and keep the source with your records.

Do I need to report an account if I closed it during the year?

Possibly. If the account was open at any point during the year and contributed to your FBAR filing requirement, it generally must still be reported even if it was closed before year-end.

Does owning foreign property mean I have to file Form 114?

Not by itself. Directly owned foreign real estate is not reported on Form 114. However, a foreign bank account used to buy or maintain that property may still be reportable if you meet the filing requirements.