Everything About The FBAR | File US Taxes From Abroad

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The FBAR (Foreign Bank Account Report) is essentially a form that you as a US American abroad may be required to fill out if you have a foreign bank account (or any other financial accounts) established overseas. This is especially so if you have a certain amount of money in these foreign accounts that exceeded a certain limit.
You won’t be taxed on your foreign bank account because of this specific form. The FBAR is not a tax calculation form, but purely informational for US authorities. Whether you need to file an FBAR form or not depends on how much money you have each calendar year.
At MyExpatTaxes, our all-in-one software allows you to file the FBAR, and all the other forms required for your US Expat Tax return.
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[@MyExpatTaxes]

File your FBAR quickly and easily at www.myexpattaxes.com/fbar/

[@cassiosouza10]

Your website is giving me an error message "Ooops! Something went wrong!" on the Brave browser

[@lkarabeg]

Most entertaining tax videos ever. I find myself wishing there were more

[@MyExpatTaxes]

Glad you liked it!

[@matthewdconnelly]

Way clearer than the IRS website! Thank you!

[@MyExpatTaxes]

Glad it was helpful!

[@elhuds]

Megan has officially made learning about taxes bearable. 😊👍🏽

[@MyExpatTaxes]

Awe.....so glad to hear it!

[@glenngamotis1310]

I have been filing as an overseas resident for years but never files a FBAR as I thought when I gave my bank the details they needed it was taken care of by them.

[@MyExpatTaxes]

There is a delinquent FBAR submission process if you need to catch up on those filings which we offer via MyExpatTaxes. You'll need to calculate your monthly state pension payments to get it aligned to the US tax year of Jan 1st to Dec 31st. www.myexpattaxes.com/

[@AdamAdam-zg8jl]

Very nice and wonderful that I must tell the I.s government "hey I have $10k on foreign bank account so please be advice ,and if don't I will be subjected to harsh penalty including fine up to $150000 plus jail time

[@glenngamotis1310]

Hi, I am drawing my basic state pension from the UK. As the Uk tax system runs from April 5th to April 4th, all end of year statements so not match the US filing year. How do I calculate my UK retirement income?

[@RandyRoth-mo3lz]

Any time during the year.... explain... I understand that if you transfer 7k from savings to checking at the same bank... the bank now reports 14k for that day, event though only 7k was the only money that existed. Now you are screwed if you don't claim the lie of 14k.

[@MyExpatTaxes]

Yes, however, no tax is calculated on FBAR/FATCA max values, so higher amounts will not directly result in additional tax.

[@RandyRoth-mo3lz]

So you are saying that if you only have 7k and you transfer from checkings to savings... you have to lie and say you had 14k? to FBAR?@@MyExpatTaxes

[@lisetteyambao1255]

I'm not a US citizen, but I have an LLC registered in the US and I have a bank account in Australia. Do I have to file this FBAR? Thanks for the clarification.

[@johnnelson2959]

Hi, Megan, great video, very funny! Question: I am a US citizen married to a Canadian citizen and we live overseas. I have been perusing the FBAR form ahead of filling it out. We have some joint accounts. I see the jointly held accounts section wants the TIN and other particulars of my spouse. She doesn't want her details going to a foreign tax authority (Namely the US) as she is a citizen of a sovereign nation and doesn't give a rip about US tax reporting. What do I do? Surely she is under no obligation to have her info included? but how do I complete it if she is not keen?

[@MyExpatTaxes]

Thank you! We recently launched MyExpatFBAR for everybody who doesn't need to file a tax return, but still needs to file an FBAR. Check it out here: www.myexpattaxes.com/fbar/

[@manikrishna01]

Hi Megan, Thanks for your video. Assume I've 4 foreign accounts (A,B,C,D) and $2501 in Account A. If I transfer this $2501 from A -> B -> C -> D, then the aggregate, as per your explanation, would be exceeding 10k in a year. In this case, should I file my FBAR? please note that I've only $2501 in a calendar year. kindly clarify.

[@MyExpatTaxes]

Hi! Excellent question - and yes 🙂! It's the aggregate that counts!

[@OffTheChuckyBaby]

Great videos! I have a question regarding accounts that need to be submitted to FBAR. I'm definitely over the 10k total - but do I need information regarding all of my pensions that I have based in the UK?

[@MyExpatTaxes]

Thank you! Any non-US bank accounts (solely owned by you, jointly with your spouse or accounts from your business in which you have signature authority over) like bank, pension, superannuation, and investment accounts including securities and retirement accounts held from the last 6 years are to be included in your FBAR. ☺ Learn more about FBAR here: www.myexpattaxes.com/fbar/ Hope that helps!

[@valeriaormeno-huamani6968]

Hi 👋 I’m very confused… is it if I have saved up 10,000 in my foreign bank account OR let’s say I make 30k a year in Spain so each month I get about 2k do I report that ?

[@MyExpatTaxes]

You need to report an FBAR if at any time throughout the fiscal year you have more than $10,000 USD in any combination of your bank accounts. So if you have multiple accounts, you will need to add them up and convert them to USD and if it is more than $10,000, you will need to file.

[@sallyadham]

Hahaha Love this! Thanks for making me laugh while I was pulling my hair. Hilarious!

[@MyExpatTaxes]

Glad we could bring some laughter to taxes 😏

[@christopherwolf8306]

I have a question regarding the deadline to file FBAR. I understand the the deadline is April 15 (or October 15). So here is the question. I move abroad and opened a bank account on July 1st, 2021. Do I file the FBAR for 2021 until October 15th 2021 or do I file until April 15th 2022?

[@MyExpatTaxes]

Hi Christopher, it more depends on whether your foreign bank account already reached the $10k threshold this year. If it did, then you need to file an FBAR by October 15th this year.

[@christopherwolf8306]

@@MyExpatTaxes Perfect, Thanks for the answer. So in theory, If I keep my foreign bank accounts always below $10k, I never need to file an FBAR. Correct?

[@MyExpatTaxes]

@@christopherwolf8306 Essentially, yes. Here is more info about it on our tax guide: www.myexpattaxes.com/expat-tax-guide/foreign-bank-account/

[@MyExpatTaxes]

@@christopherwolf8306 yes

[@carlosbalderas7955]

Hi expat taxes I moved to Mexico to retire and I receive my SS benefits deposited in a Mexican bank. I deduct my expenses during the month and never reached over $ 10000 so far this December. So doesn’t matter how much I received this year am not required to file to fabric? I will appreciate your answer

[@e11world]

Excellent video!! Wondering if the US person living abroad would have to file anything else if they're working and earning income outside the US? Any pointers would be great.

[@MyExpatTaxes]

U.S. taxation is citizenship-based, so you're more than likely required to file if you've been earning income from anywhere in the world. Hope that helps! www.myexpattaxes.com/expat-tax-tips/double-taxation/does-a-us-citizen-living-abroad-have-to-pay-taxes/

[@e11world]

@@MyExpatTaxes awesome thanks for the quick response. I'll check the link and your site as well

[@carlosbalderas7955]

Hi am us citizen living in Mexico .I receive my pension from social Security administration in a Mexican bank. It’s my only income .can tell me is this account requires debar report? Thanks I

[@MyExpatTaxes]

Anytime you have a combined total of $10,000 USD in foreign accounts (even if it's just for one day) you need to report it on an FBAR. MyExpatFBAR can help you get that taken care of myexpatfbar.com/

[@nohareyounes6807]

What other forms other than the f-bar do I need to file? Every year

[@victormercado8599]

I have a question regarding threshold for filing FBAR (I am a USA citizen) and live in Mexico ..... I have my SS and a small pension gets deposited to my USA bank which is about 2000 USD every month which then gets transferred to my Mexican bank account and every month that money gets spent on living expenses *THESE ARE NOT ACTUAL NUMBERS JUST FOR PURPOSES OF GETTING UNDERSTANDING OF FBAR* do I have to file FBAR thank you for any clarification you can give me .

[@MyExpatTaxes]

Hi Victor, you don't need to file the FBAR if you have only 2,000 USD every month in your bank account. The FBAR only needs to be filed if you have at any one time during the year met or had over 10,000 USD total from all foreign financial accounts.

[@phillyboylaboy]

hello, i am a US citizen working in the US. my parents (not US citizens) and I own a rental property abroad that earns USD6,000 a year. Meaning i am a 1/3 owner. Is this subject to FATCA? How about the profits of selling a real estate property abroad that i bought way before I became a US citizen?

[@MyExpatTaxes]

As a US citizen, you will need to report your 1/3 income from this property annually on your US tax return and when the property is sold, you will need to report the sale as well. Your parents (non US citizens) do not need to report any rental income from foreign property at all. Hope that helps! ☺

[@cuti_catAND]

Hi, I filed for 3 years but since the last filing the accounts have stayed at max $3,000. Never crossed $10,000 again. Do I just not file? Just abruptly stop filing? Or is there some form to alert govt that I won’t be filing now? Thanks

[@MyExpatTaxes]

Yup, you only need to fill out the FBAR when you reach $10,000 combined in your foreign accounts. Even if it's just for one day. After that, there is no obligation to continue filing the FBAR unless you reach the threshold again. MyExpatTaxes always includes FBAR filing as part of the standard process just to be on the safe side. wwww.MyExpatTaxes.com

[@calva221]

Isn't that BSA? Not BAS?

[@tetsmcgee]

If I don't have a bank account, but my company pays my salary directly in my wife bank, will I need to file a fbar? My salary is directly deposit in my wife's account in Europe, and legally it isn't my bank account.

[@MyExpatTaxes]

An FBAR must be filed if the aggregate value of all your non-US financial accounts exceeds $10,000 USD in a year. Generally, FBARs would include all non-US bank accounts with your name and signature authority. Hope this helps, Guy Sky. ☺

[@nohareyounes6807]

What amount will require paying taxes ?

[@Mrkhan641]

I am US green card holder living and paying taxes in UK for the last 3 years. I have not filed US tax return. Do i have the option to file 3 years tax return now along with FBAR? Can i avoid FBAR penalty because it says even if it's non-willing, its still $10K penalty? please help as i didnt know about the Expat tax and FBAR disclosure requirements.

[@MyExpatTaxes]

The IRS has a tax amnesty program specifically for people in your situation. It's the easiest, safest, and cheapest way to become fully US tax compliant. If you haven't received your stimulus payments and you're eligible, you may still claim that too! If you need help with Streamlining, feel free to reach out to us! Our streaming service costs 749 Euros, which is 1/3 less than other services.

[@Mrkhan641]

@@MyExpatTaxes Below is a summary of each year since 2019: 2019: Came to the U.S. for the first time on an immigrant visa (I-130/Green Card) on 23rd November 2019. I Spend 39 days in this calendar year (from 23rd November till 31 December 2019). Zero tax return filed for 2019 (E-Filing using IRS Economic Impact Payment Filing portal) to claim stimulus check benefits. I guess I need to amend this filing by including foreign income. Note that I was employed by the company in the U.K. at that time. 2020: Visited twice this year and a total number of 33 days physically present inside the US (from 1st of January till 11th January 2020 and 8th August till 28 August 2020). Therefore, physically reside outside the U.S. for more than 330 days and no U.S. tax return was filed for this year. 2021: Visited twice this year and a total number of 111 days physically present inside the U.S. (from 23rd January till 7th February 2021 and 9th July till 14th October 2021). Therefore, physically resided less than 330 days outside the U.S. but no tax return was filed for this year. My extended stay in the U.S. this year was due to the fact that I applied for a Re-entry permit (I-131) which required me to be physically present inside the U.S. Also, I worked part-time for Walmart for a period of one month while in the U.S. 2022: Visited U.S. only once this year with a total number of 9 days physically present inside the US (from 21st November till 29th November 2022). Therefore, physically reside outside the U.S. for more than 330 days, and no tax return filed for this year. To sum it up, in the last two out of three years, I did not have a U.S. “abode” and was physically outside the U. S. for more than 330 days. The only exception was 2021. I just wanted to know if I qualify for the ‘Streamlined Filing Process’. Your brief response would be appreciated.

[@MyExpatTaxes]

@@Mrkhan641 Based on the information provided, it seems that you may not be eligible for the Streamlined Filing Process as you did not meet the physical presence test for 2021. To qualify for the Streamlined Filing Process, you must meet the physical presence test for all three years, which means you must have been physically outside the United States for at least 330 full days in each of the past three years. Additionally, if you had any U.S. tax filing obligations during these years, you would need to file amended tax returns to report any unreported foreign income or assets. I recommend consulting with a tax professional or the IRS website for further guidance on your specific situation. Hope that helps!

[@Mrkhan641]

@@MyExpatTaxes thanks for your response but I thought one must have stayed outside the U.S. for 330 days in at least ONE of the last 3 years. In my case, I stayed outside TWO out of the last 3 years. Still, am I not eligible for Streamlined filing?

[@MyExpatTaxes]

Hey, I just wanted to give you a friendly reminder that posting your private financial information on a public forum might not be the best idea. While it's great to have discussions and get feedback, it's important to remember that anyone can read these posts, including scammers or identity thieves. To protect your privacy and security, I would suggest sending us an email instead- @[e-mail] . That way, we can still have a conversation and provide you with any assistance you need, while keeping your information safe and secure. 😉

[@victoriarose2456]

Hello, what does “The FBAR is an annual report, due April 15 following the calendar year reported” mean? If I had 10,500 in foreign assets in 2022 did I have to file by October 2022? Or the following calendar year by April 2023?

[@MyExpatTaxes]

The following calendar year by 2023 😊

[@arthiperumalswamy9299]

Hi I am a US Citizen moved to India and opened an account in India and at only one day the account balance crossed 10000 USD and I immediately withdrawed for expenses. And afterwards the balance did not cross 10000 USD. Should I file FBAR just this one time? And also should I file every single year afterwards even I maintain the balance less than 10000 USD? Please advise.

[@MyExpatTaxes]

You will need to file the FBAR for the tax year, where you exceeded the 10,000 USD balance. Keep in mind this balance threshold is for all your foreign financial accounts combined, not per account. You don't need to file the FBAR for later years if you do not exceed the threshold again.

[@mikezimmerman1729]

If my bank account in Germany never had $10,000 or Euros at any point in time do I still have to include the FBAR forms?

[@MyExpatTaxes]

If you have any foreign bank or financial accounts that exceed $10 000 in a single day, you must file an FBAR. But If you didn't meet the threshold then there's no need to file an FBAR. ☺ Hope that helps!

[@mikezimmerman1729]

@@MyExpatTaxes Great answer...thanks!!

[@MyExpatTaxes]

@@mikezimmerman1729 Happy to help! ☺

[@sagarmal9350]

Hi I am sending $1000 monthly to my foreign acc and spending it, but in last 12 months I have sent over 12000 but my balance never exceeded in foreign account over $3000 as I was spending it simultaneously so do I need to file FBAR ?

[@MyExpatTaxes]

Hey there, for your Foreign Bank Account Reports. Consider all your bank, retirement/pension, and investment accounts outside the US... If you added together all the highest peak balances from each account during the tax year, would that figure be over USD $10,000 or in equivalent value? If so, you need to file an FBAR for that year. hope that helps!

[@sagarmal9350]

@@MyExpatTaxes Thank you for your response, at any given time sum of my assets outside US wasn’t more than $10,000, I sent around $1000 a month and was spending that money and I don’t not have any other investments

[@glenngamotis1310]

Who can see any comments I may make? Are they private, encrypted?

[@DigimonTamerfreak]

The word is immigrant

[@MyExpatTaxes]

Do you have any US expat tax questions? Our team is ready to answer! 👇

[@sameerdada840]

Hi. Is there any amnesty to file back taxes and declare bank accounts? I heard there may be amnesty for a couple months..?

[@MyExpatTaxes]

@@sameerdada840 Yes - you may be qualified for our Streamlined Procedure program! Learn more details here: myexpattaxes.com/streamlining/

[@nohareyounes6807]

What other forms other than the f-bar do I need to file? Every year