FBAR Penalty Calculator

The FBAR (FinCEN Form 114) is the Report of Foreign Bank and Financial Accounts. It is required for US persons who have a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.

Up to $16,536 per year (31 CFR 1010.821, effective 17 Jan 2025; still current for 2026). Following the Supreme Court's 2023 ruling in Bittner v. United States, non-willful penalties are assessed per FBAR form filed — not per account. This significantly reduced exposure for taxpayers with multiple foreign accounts.

The greater of $165,353 (31 CFR 1010.821, effective 17 Jan 2025; still current for 2026) or 50% of the account balance at the time of the violation, assessed per account per year. Willful penalties can therefore exceed the total account value over a multi-year period.

The Supreme Court ruled in 2023 that non-willful FBAR penalties are assessed per FBAR form filed (one per year), not per account. Before this ruling, the IRS often assessed a separate penalty for each unreported account in each year, which could result in enormous penalties for taxpayers with multiple accounts.

US citizens, green card holders, and tax residents (including those meeting the substantial presence test) must file an FBAR if they have foreign financial accounts with an aggregate value exceeding $10,000 at any point during the calendar year.

Yes. Cash ISAs, Stocks & Shares ISAs, SIPPs, and most UK pension accounts must be reported on the FBAR if the aggregate threshold is met. The ISA's tax-exempt status in the UK does not affect the US reporting obligation.

SFOP is an IRS amnesty programme for non-willful failures by taxpayers residing outside the United States (meeting the non-residency requirement of 330+ days abroad). It waives all FBAR and tax penalties. Taxpayers must file 3 years of tax returns and 6 years of FBARs, along with a non-willfulness certification.

SDOP is for US residents who failed to report foreign financial assets non-willfully. It imposes a 5% miscellaneous offshore penalty on the highest year-end aggregate balance of unreported foreign financial assets, but waives FBAR and other penalties.

FATCA (Foreign Account Tax Compliance Act) requires foreign financial institutions to report US account holders directly to the IRS. Additionally, the Common Reporting Standard (CRS) enables automatic exchange of financial account information between over 100 countries, making it increasingly difficult to conceal foreign accounts.

The IRS has 6 years from the FBAR due date (generally April 15, extended to October 15) to assess FBAR penalties. This means the IRS can potentially assess penalties for FBARs going back 6 years from the current date.

Combined. You take the highest balance each foreign account reached at any point during the calendar year, convert each to US dollars, then add those figures together. If the total exceeds $10,000 — even for a single day — every account must be reported, including ones holding only a few hundred pounds. A one-off property sale or bonus passing through can trigger it.

Frequently, yes — they are separate obligations with different thresholds. The FBAR goes to FinCEN at a $10,000 aggregate threshold and captures accounts you merely have signature authority over. Form 8938 attaches to your Form 1040, applies at higher thresholds that vary by filing status and country of residence, and also captures foreign assets held outside accounts. Filing one never satisfies the other.

Yes to both. For a joint account you report the full maximum balance, not your share — so an account held with a non-US spouse is reported in its entirety. Signature authority alone also triggers reporting even where you have no ownership interest: company accounts, a parent's account you operate, or a trust account. A narrow employee exception applies in limited employer situations.

The FBAR is due April 15, with an automatic extension to October 15. You do not request it and there is no form to file — the extension applies to every filer, and filing by October carries no late penalty. The FBAR is submitted electronically through FinCEN's BSA E-Filing System; it is never attached to, or filed with, your income tax return.

This route has just narrowed. The IRS removed its Delinquent FBAR Submission Procedures page on 1 July 2026, and that penalty-free catch-up for filers who had reported and paid all the income but simply missed the forms now appears to be withdrawn. Late FBARs can still be e-filed through FinCEN with a reason for filing late, and the Streamlined procedures remain open, but do not assume penalty relief is automatic — take advice on your position before filing.