What is the FBAR due date for 2025 accounts?

April 15, 2026, with an automatic extension to October 15, 2026

June 30, 2026, with no extensions

October 15, 2026, with no further extension available to any filer

A single taxpayer living in the U.S. must file Form 8938 if specified foreign financial assets exceed:

$50,000 on the last day of the year or $75,000 at any time during the year

$100,000 on the last day of the year

$200,000 on the last day of the year or $300,000 at any time during the year

A married couple filing jointly who live abroad must file Form 8938 if their specified foreign financial assets exceed:

$400,000 on the last day of the year or $600,000 at any time

$100,000 on the last day of the year or $150,000 at any time

$200,000 on the last day of the year or $300,000 at any time

$50,000 on the last day of the year or $75,000 at any time

Which asset is reported on Form 8938 but NOT on the FBAR?

Foreign stock held directly (not in a financial account)

A foreign bank checking account

Shares of a foreign mutual fund held in a foreign brokerage account

Which statement comparing the FBAR and Form 8938 is correct?

Filing one does not relieve the obligation to file the other if both thresholds are met

Filing the FBAR with FinCEN satisfies the Form 8938 requirement if the same accounts are reported

Only one is required per year, taxpayer's choice

Filing Form 8938 satisfies the FBAR requirement

After Bittner v. United States (2023), how is the non-willful FBAR penalty applied?

Per report (per year), not per account

As a percentage of each account's balance

What is the initial penalty for failing to file Form 8938?

$10,000, with up to $50,000 more for continued failure after IRS notice

If a taxpayer fails to file a required Form 8938, what happens to the statute of limitations for the return?

It generally does not begin to run for the tax return until the information is furnished, subject to a reasonable cause exception

It is always extended to 10 years

Who is a U.S. person required to file an FBAR?

Citizens, resident aliens, and domestic entities such as corporations, partnerships, LLCs, trusts and estates

Only taxpayers with foreign income

Only individuals living in the U.S.

FBAR and Form 8938

U.S. persons file an FBAR (FinCEN Form 114) with FinCEN when foreign financial accounts total more than $10,000 at any time in the year, and separately attach Form 8938 to their return when specified foreign assets exceed $50,000 at year-end or $75,000 at any time (single, living in the U.S.); meeting both thresholds means filing both.

Updated 2026-09-23 · 4 sources · By the EnrolledAgentKit team

Exam part

Part 1

Individuals

IRS domain

Specialized Returns for Individuals

11 of 85 scored Qs

Tax year tested

2025

2026-27 SEE

Practice questions

10 free below

The rules the exam tests

Figures for tax year 2025, the year the 2026-27 SEE tests. Verify against the cited primary source.
Rule	What it says (2025)	Source
FBAR threshold	Aggregate > $10,000 at any time	31 CFR 1010.350
FBAR filing	Electronically with FinCEN (BSA E-Filing), due April 15, auto-extended to Oct 15	FinCEN
8938 thresholds, in U.S.	Single $50,000 year-end / $75,000 any time; MFJ $100,000 / $150,000	IRC 6038D; Form 8938 instr.
8938 thresholds, abroad	Single $200,000 / $300,000; MFJ $400,000 / $600,000	Form 8938 instr.
Assets on 8938 only	Directly held foreign stock, foreign partnership interests	IRS comparison chart
FBAR penalties	Non-willful up to $10,000 (adjusted) per report (Bittner, 2023); willful greater of $100,000 (adjusted) or 50%	31 USC 5321
8938 penalties	$10,000 + up to $50,000 after notice; 40% accuracy penalty on related understatements	IRC 6038D(d)
Statute effect	Assessment period stays open until the foreign information is furnished	IRC 6501(c)(8)

Worked example

Facts: Single taxpayer living in Texas. Mexican bank account peaked at $60,000 in June, $30,000 on Dec. 31; she also directly holds Mexican company shares worth $30,000 all year.

FBAR: accounts exceeded $10,000, so file (the shares are not an account). Form 8938: specified assets were $90,000 at the June peak (> $75,000), so file, listing both the account and the shares.

Exam traps

FBAR thresholds use aggregate balances at any time.
The FBAR does not go with the Form 1040.
Foreign real estate held directly is on neither form.
Signature authority alone can require an FBAR.