File an FBAR yourself
Short answer
You can file an FBAR yourself, for free, through FinCEN’s BSA E-Filing System. Individuals do not need to register for an account to file.Source 1Source 2 You don’t need software or a paid preparer to submit it.
What you take on is the preparation: deciding which accounts to report, finding each account’s highest value during the year and converting it to U.S. dollars. For a filer with a few accounts and complete statements, that is usually manageable. It gets harder with many accounts, missing records, accounts you don’t own outright, or years you didn’t file.
What the work involves
The FBAR is filed electronically through BSA E-Filing, separately from your federal income-tax return.Source 1Source 6 Filing it yourself comes down to six jobs:
| Job | What you do |
|---|---|
| Confirm you must file | Check whether the combined maximum value of your foreign accounts was over $10,000 at any time in the year.Source 5 |
| List the accounts | Every reportable foreign account, including small ones and any closed during the year. See the threshold guide and closed accounts. |
| Find maximum values | A reasonable approximation of each account’s highest value in the year, in the account’s currency. Statements may be used if they fairly reflect it.Source 5 |
| Convert to U.S. dollars | Use the Treasury exchange rate for the last day of the calendar year and round up to the next whole dollar.Source 5 |
| Complete and submit | Use the online form if you will finish in one sitting, or the PDF form to save your work and return to it.Source 3 |
| Keep the records | Keep your account records for five years. A copy of the filed FBAR and the confirmation helps meet that requirement.Source 5 |
The full sequence, with the information each part of the form asks for, is in the guide How to file an FBAR yourself.
When filing yourself works well
Direct filing is often a good fit if most of these describe you:
- You have a small number of accounts, for example a current account, a savings account and a pension.
- You can download statements or balance histories for the whole year.
- The accounts are in your own name, or held jointly with your spouse.
- You have filed before and can reuse last year’s list of accounts and institution addresses.
- You are filing for the current year, not catching up on missed years.
Most of the time goes into finding the maximum values. With a short account list and statements you can download, that is a matter of reading each statement for the highest balance.
When it gets harder
Consider software or professional help if any of these apply:
- Many accounts or currencies. Each account needs its own maximum value and conversion, and transfers between your accounts make the year harder to read.
- Accounts you don’t simply own. Signature authority over an employer’s account, interests held through a company or trust, or a joint account with someone other than your spouse. See signature authority and financial interests through entities.
- Missed years. If income from the accounts was also left off your tax returns, the right procedure needs a decision before you file. See using a professional.
- Missing statements. The maximum value is a reasonable approximation of the highest value, so you can still report one.Source 5 Keep a note of how you arrived at it.
What it costs
Access to BSA E-Filing is free.Source 2Source 4 The cost is your time: gathering statements, working out the values and completing the form. Paper filing is available only if FinCEN grants an exemption from e-filing, which you request by calling FinCEN’s Resource Center.Source 6
For general questions about whether and how to file, the IRS runs an FBAR Hotline. Technical problems with the filing system go to the BSA E-Filing Help Desk.Source 6
Common mistakes when filing yourself
Check before you submit
- Leaving out accounts below $10,000. Once the combined total is over $10,000, every reportable account is listed.Source 5
- Reporting the year-end balance instead of the highest balance during the year.Source 5
- Using a rate other than the Treasury rate for December 31 of the year you are reporting.Source 5
- Filing the FBAR with your tax return instead of through BSA E-Filing.Source 6
Related questions
Is it free to file an FBAR yourself?
Do I need an account to file an FBAR?
No. Individuals can use the no-registration option. Attorneys, CPAs and enrolled agents filing for clients must register.Source 1
Can I save my FBAR and finish it later?
Yes, with the PDF form, which you can save as you go and submit separately. The online form is for a filing you complete in one session.Source 3
Who can I ask if I get stuck?
The IRS FBAR Hotline answers general questions about filing requirements and methods. The BSA E-Filing Help Desk answers technical questions about the filing system.Source 6
Next pages
Sources
Official sources used for this page.
Source 1: FinCEN, How Do I File the FBAR? (opens in a new tab)
Electronic filing through BSA E-Filing and the no-registration option for individuals.
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Source 2: FinCEN, BSA E-Filing System — System Requirements (opens in a new tab)
Free access to the BSA E-Filing System; no account needed to file an FBAR as an individual.
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Source 3: FinCEN, BSA E-Filing System — File FBAR (opens in a new tab)
The online and PDF filing methods for individuals.
bsaefiling.fincen.govChecked Back to text
Source 4: FinCEN, Mandatory E-Filing FAQs (opens in a new tab)
No cost to use the BSA E-Filing System.
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Source 5: FinCEN, FinCEN Report of Foreign Bank and Financial Accounts (FBAR) Electronic Filing Requirements (opens in a new tab)
The aggregate $10,000 test, maximum values, the Treasury year-end rate, due dates and records.
bsaefiling.fincen.govChecked Source updated Back to text
Source 6: IRS, Report of Foreign Bank and Financial Accounts (FBAR) (opens in a new tab)
Filing separately from the tax return, the FBAR Hotline, the BSA E-Filing Help Desk and paper-filing exemptions.
irs.govChecked Back to text