Curious to know about calculating the total balance for all your overseas financial accounts? Here’s an example:

You have 3 bank accounts: 2 from Italy, 1 from the US. You have a pension set up in Italy because you work for an employer, and life insurance from an Italian company you have been funding for 10 years.

Now, you need to calculate the maximum balance of the year for all foreign accounts – ignoring US accounts because they don’t count. Sum up the total from your foreign financial accounts, and convert the money into USD. Now you can determine whether you need to file an FBAR.

Learn more about the FBAR.

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