Money & Finance
FBAR & FATCA Checker
Answer a few questions about your Indian accounts to see whether FBAR or FATCA (Form 8938) may need review — with a document checklist and CPA question list. Educational only.
Step 1
Your situation
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FBAR · FinCEN Form 114
More information needed
Enter the highest combined value of all your foreign financial accounts at any point during the year to see how it compares with the FBAR review threshold.
FATCA · IRS Form 8938
More information needed
Form 8938 thresholds depend on your filing status, where you live, and the value of your foreign financial assets. Fill in those answers (or check the threshold table below) to see which level may apply to you. If you are unsure of your filing status or residency, that is a good first question for a CPA.
| Situation | Last day of year | Any time in year |
|---|---|---|
| Living in USA — Single / Married filing separately← you | > $50,000 | > $75,000 |
| Living in USA — Married filing jointly | > $100,000 | > $150,000 |
| Living abroad — Single / Married filing separately | > $200,000 | > $300,000 |
| Living abroad — Married filing jointly | > $400,000 | > $600,000 |
Head of household uses the "Single" row. Thresholds depend on filing status and where you live, and can change — this table is a simplified summary, not the full Form 8938 rules.
Overall
Low attention
- Nothing in your answers stands out — keep good records and re-check yearly as balances grow.
"Attention" means how carefully your situation deserves review — it is not a judgment that anything is wrong.
Prepare
Your 2025 preparation checklist
Documents to gather
- Year-end (Dec 31, 2025) statements for every foreign account
- Highest-balance records for each account during 2025 (not just year-end)
- Interest and dividend income records for each account
- Bank/institution names, addresses, and account numbers (for your own forms — never share these with online tools)
- Dates each account was opened or closed during the year
- INR→USD conversion notes — use one consistent rate source (e.g. the US Treasury year-end rate) and write down which you used
Questions to ask your CPA
- Am I a US person for tax purposes for 2025, given my visa/green card and days in the US?
- Based on my highest combined balances, do I need to file the FBAR (FinCEN Form 114), Form 8938, or both?
- Which of my Indian accounts and assets count toward each threshold?
- What exchange rate should I use to convert INR balances to USD?
- If anything was missed in earlier years, what are my options for catching up (e.g. streamlined procedures)?
Educational only — not tax advice. This checker helps you prepare questions and documents for a qualified CPA or tax professional familiar with US–India cross-border reporting. It cannot determine your actual filing obligations.
Last updated: · Source: IRS — FBAR & FATCA (Form 8938) requirements
Last updated: · Thresholds summarized from FinCEN Form 114 and IRS Form 8938 instructions; verify against current IRS guidance each tax season.
Watch out
Common mistakes NRIs make
None of these mean trouble by themselves — they're just the spots where well-meaning filers most often slip.
Using the year-end balance
FBAR looks at the highest combined value at any time during the year — a property sale or bonus that passed through an account for a week still counts at its peak.
Forgetting old India accounts
Dormant savings accounts from before you moved, accounts opened by parents in your name, and joint accounts all count toward the combined total.
Forgetting FDs
Each fixed deposit is its own account, and auto-renewal keeps them alive for years. Collect every FD receipt, not just the active bank statement.
Ignoring signature authority
An account you can operate but don't own — a parent's account, an employer's account — can still create FBAR reporting questions for you.
Assuming NRE/NRO don't matter
India-side tax treatment (like tax-free NRE interest) doesn't change US-side reporting. NRE and NRO accounts generally count toward both FBAR and FATCA totals.
Confusing FBAR with FATCA
They're separate regimes with separate forms, thresholds, and filing channels. Being under one threshold says nothing about the other — FBAR's $10,000 line is far lower.
Inconsistent INR→USD conversion
Mixing rate sources across accounts produces totals that don't reconcile. Pick one source (e.g. the Treasury year-end rate), use it everywhere, and note it down.
Waiting until the deadline
Indian banks can be slow to produce historical statements. Start gathering highest-balance records well before tax season, not the week the return is due.
Frequently asked questions
What is FBAR?
FBAR (Report of Foreign Bank and Financial Accounts, FinCEN Form 114) is an annual report US persons file when the combined value of their foreign financial accounts exceeded $10,000 at any point during the calendar year. It's filed online through the BSA e-filing system — separately from your tax return — and is due April 15 with an automatic extension to October 15.
What is FATCA / Form 8938?
FATCA (Foreign Account Tax Compliance Act) requires certain taxpayers to report specified foreign financial assets on IRS Form 8938, filed with the federal tax return. Its thresholds are much higher than FBAR's and depend on filing status and where you live — starting at more than $50,000 (year-end) for single filers living in the US. Many NRIs end up filing both FBAR and Form 8938 for the same accounts.
Are NRE and NRO accounts foreign accounts for US reporting?
Generally yes. NRE and NRO accounts are accounts at financial institutions located outside the US, so they typically count toward FBAR and FATCA totals — even though NRE interest is tax-free in India. NRE/NRO interest is also generally taxable income on a US return. The India-side tax treatment doesn't change the US-side reporting picture.
Do Indian fixed deposits count?
Generally yes. Fixed deposits are financial accounts at a foreign institution, so they typically count toward the FBAR $10,000 aggregate and FATCA totals. A common trap: each FD is its own account, auto-renewals keep old FDs alive longer than people remember, and the value to use is the highest balance during the year, including accrued interest.
What exchange rate should I use to convert INR to USD?
FBAR instructions point to the US Treasury's Bureau of the Fiscal Service year-end exchange rate for converting maximum account values. Whatever source you use, be consistent across all accounts and keep a note of the rate and date — inconsistent conversions are one of the most common DIY mistakes. A CPA can confirm the right rate for your forms.
Is FBAR the same as a tax return?
No. FBAR is an information report filed with FinCEN (a Treasury bureau) through the BSA e-filing system, completely separate from your IRS tax return. Filing your 1040 doesn't satisfy FBAR, and filing FBAR doesn't report any income — interest from those accounts still belongs on your tax return, and Form 8938 (if required) is attached to the return itself.
Should I ask a CPA about my India accounts?
If you have NRE/NRO accounts, FDs, mutual funds, or other Indian financial assets and you're a US person, a CPA familiar with US–India cross-border reporting is usually worth the fee — at least for the first year. Indian mutual funds in particular can raise PFIC questions that are genuinely complex. Use this tool's checklist to arrive at the meeting with documents and questions ready.
What if I forgot to report in previous years?
Don't panic, and don't just start filing silently going forward. The IRS has formal catch-up routes — including the Streamlined Filing Compliance Procedures for non-willful cases and the Delinquent FBAR Submission Procedures — that can sharply reduce or eliminate penalties when used correctly. Which route fits depends on your facts, so this is exactly the situation to take to a qualified cross-border tax professional.
Keep learning
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