FBAR applies to which of the following?

• A. US Citizen with over $10,000 aggregate value at any time during calendar year, in foreign account(s)
• B. US Citizen with over $100,000
• C. Nonresident alien with any balance
• D. Corporations only

Answer: (A)

FBAR is about a U.S. person having foreign financial accounts with a total value that crosses a threshold. The test focuses on whether a U.S. citizen must file when the combined balance of all foreign accounts exceeds $10,000 at any point during the calendar year. The key idea is that the threshold is $10,000, it’s measured across all foreign accounts together, and the filer must be a U.S. person. That’s why a U.S. citizen with more than $10,000 in total in foreign accounts qualifies. The other options don’t fit because the threshold isn’t $100,000, nonresident aliens aren’t U.S. persons for FBAR purposes, and it isn’t limited to corporations—individuals can have FBAR filing obligations as well.