What is an FBAR (Form 90.22.1)?
The FBAR, or Foreign Bank Account Report, is a form that U.S. persons must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year.
The form must be received by the Detroit IRS office by June 30 each year. The address is on the first page of form 90.22.1
To properly fill out the FBAR, you must collect the following information:
- Bank name and address, account number(s), and maximum balance for the year in each account for each account you own separately.
- Bank name and address, account number(s), and maximum balance for the year in each account for each account you own jointly with your spouse or children.
- Bank name and address, account number(s), and maximum balance for the year in each account for each account you have signatory authority over (for an association or company, for example).
After determining the maximum balance of each account, you must convert the amount into U.S. dollars using the year-end exchange rate. We have included these instructions, along with past exchange rates, in the FBAR form below.
Please note that you *must* report all of your bank accounts, even if the balance was minimal, and you *must* report the account’s maximum value during the year, even if you have transferred money between accounts.