NRI Playbook

Do you need to file an FBAR?

Add every foreign account you had during the year. We add up each account's highest balance and tell you if the total went over $10,000.

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How this works

You must file an FBAR (FinCEN Form 114) if the highest balances of all your foreign financial accounts add up to more than $10,000 at any point in the year. This total is called the aggregate maximum.

For each account, enter the highest balance during the year and the balance on December 31. Rupee amounts are converted at the Treasury Reporting Rate of Exchange for December 31, which is the rate FinCEN asks you to use, and rounded up to the next whole dollar.

Once you have to file, every foreign account goes on the form, including small ones. Count any account where you are a signatory, such as a joint account with a parent. Each joint owner reports the full balance.

The Form 8938 (FATCA) check uses these accounts only. Form 8938 also counts other foreign assets, so treat it as a prompt to check rather than a final answer.

The spreadsheet has a column for each month, so you can enter balances straight from your statements and let it find each account's highest balance. It also collects the bank and account details Form 114 asks for, and has a log for recording each year's filing.

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Common questions

Which accounts count?

Bank accounts (savings, NRE, NRO, fixed deposits), PPF, NPS, EPF, demat and brokerage accounts, mutual funds, and life insurance policies with a cash value. Include accounts you can sign on, even if the money isn't yours.

What if I didn't file in past years?

Don't just start filing this year. The IRS Streamlined Offshore Disclosure program lets you catch up with a capped penalty, as long as you come forward before the IRS contacts you. Our FBAR filing service can refer you.

Is what I type saved anywhere?

Only in this browser, so your entries are still here if you come back. Nothing is sent to NRI Playbook. Use Start over to remove them, for example on a shared computer.

This tool gives estimates for planning. It is not tax, legal, or investment advice. Check your situation with a qualified cross-border tax professional.