FBAR Threshold Checker

What This Checker Does

FBAR and FATCA are two separate US foreign account reporting requirements with different thresholds, different forms, and different filing destinations. Most tools check one. This checker compares your foreign account balances against both at the same time and tells you which obligations apply.

• FBAR (FinCEN Form 114): Required if your combined foreign financial account balances exceeded $10,000 at any point during the calendar year. Filed with FinCEN, not the IRS. Not a tax form. No tax is created by filing.
• FATCA (Form 8938): Required if your foreign financial assets exceed higher thresholds that vary by your filing status and whether you live in the US or abroad. Filed with your annual tax return, not separately.

The checker takes your filing profile and account balances, runs the math for both, and shows you in plain language which requirements apply to your situation.

FBAR vs FATCA: Side by Side

Most people learn about FBAR first because the threshold is lower and easier to hit. FATCA catches people with larger holdings or those living abroad who assume the abroad thresholds do not apply to them.

Both can apply to the same accounts. Having FATCA assets above the threshold does not mean FBAR is also required, and vice versa. The checker evaluates each independently.

FATCA Thresholds Depend on Where You Live

This is the part most people do not realise until they check. Form 8938 thresholds are not fixed. They change based on your filing status and whether you are living in the United States or abroad during the tax year.

Many US residents with Indian accounts comfortably above the $10,000 FBAR line still fall below the FATCA thresholds. Others, especially those with mutual fund portfolios, property-linked investments, or multiple accounts, may cross both. The checker uses the residence location you select to apply the correct FATCA thresholds automatically.

How to Find Your Maximum Balance (Not the Year-End Balance)

This is the most common mistake made when checking FBAR requirements.

FBAR is based on the aggregate peak balance across all your foreign accounts at any single point during the calendar year. It is not the December 31 balance. It is not the average. It is the highest combined balance at any moment.

To find the right number for each account:

1. Pull monthly statements for the full calendar year (January through December)
2. For each month, note the highest balance that account reached
3. That highest balance is the number to enter for FBAR purposes
4. The checker adds these across all accounts to get your aggregate

Why this matters: An NRO account that held the equivalent of $18,000 in June and was drawn down to $4,000 by December still requires FBAR filing. Using the December 31 balance of $4,000 would give you a false negative.

For mutual fund accounts: Use the maximum combined value of all units held in a single folio or demat account at their highest NAV during the year, converted to USD.

Currency conversion: Use the Treasury Reporting Rates of Exchange for the specific date when your account reached its peak balance. You can find these rates on the US Treasury website.

How to Use This Checker

Understanding Your Results

• FBAR Required: Your combined peak balances across all accounts exceeded $10,000 at some point during the year. You must file FinCEN Form 114 for this tax year. The filing is free, done online at the FinCEN BSA E-Filing portal, and due April 15 with an automatic extension to October 15.
• FBAR Not Required: Your combined peak balances stayed below $10,000 throughout the year. No FBAR filing is needed for this year.
• FATCA Required: Your foreign financial assets exceed the threshold for your filing status and residence location. You must attach Form 8938 to your annual tax return. FATCA covers a broader set of assets than FBAR and can include certain accounts that do not appear on FBAR.
• FATCA Not Required: Your assets fall below the applicable threshold. No Form 8938 is needed, though FBAR may still apply if the $10,000 trigger was crossed.
• IRS Notice Flag: If you indicated you received an IRS notice, your result includes a flag. Responding to an IRS notice about foreign accounts is different from voluntary filing. You should not file using the standard streamlined procedure if an IRS examination or investigation has begun. Consult a tax professional before taking any compliance steps.

Which Indian Accounts Count Toward These Thresholds?

Both FBAR and FATCA have broad reach. For FBAR, the following typically count:

• NRE, NRO, and FCNR bank accounts
• Indian savings and checking accounts
• Demat and trading accounts (report the total value of all securities held)
• Mutual fund folios held directly with AMCs (each folio reported separately)
• EPF, PPF, and NPS accounts (classification as financial account can depend on facts)
• ULIPs (reportable due to cash surrender value)

US stocks, US ETFs, and US bank accounts do not count. Only foreign financial accounts are in scope for FBAR.

For FATCA (Form 8938), the asset definition is broader and includes interests in foreign partnerships, foreign trusts, and certain foreign-issued insurance contracts in addition to the accounts covered by FBAR.

Some accounts appear on both forms. Some appear on only one. The checker applies both tests simultaneously so nothing is missed.

What to Do If You Have Not Filed FBAR Before

If you have held foreign accounts above the $10,000 threshold without filing FBAR, you have compliance options. The IRS Streamlined Filing Compliance Procedure allows non-willful filers to catch up with reduced penalties. For people living in the US, the penalty is 5% of the highest aggregate account value in the non-compliant years. For people living abroad, the penalty can be zero if you meet the eligibility criteria.

Acting voluntarily before the IRS contacts you gives you access to these programs. Once an examination or investigation begins, streamlined procedures are no longer available.

For the complete filing process, penalty details, and step-by-step instructions, read our FBAR guide for NRIs. This checker tells you whether you need to act. The guide tells you exactly how.