You need to file an FBAR every year that the aggregate account balance of all foreign financial accounts is more than $10,000 USD.
So if you had to file an FBAR in 2017, because your foreign bank account was over the $10,000 during the 2016 calendar year and if that same foreign bank account is over the limit during 2017, then you will need to file an FBAR for this foreign account in 2018.
Regarding your FBAR requirement -
If you have foreign
bank accounts, you may be required to file a Report of Foreign Bank and
Financial Accounts (FBAR) if are a US citizen or resident and::
- you had a financial
interest in or signature authority over at least one financial account
located outside of the United States; and
- the aggregate value of all
foreign financial accounts exceeded $10,000 at any time during the
calendar year reported.
Foreign financial
accounts consist of all foreign financial accounts that you own separately or
jointly or for which you have signatory authority over (such as a foreign
business account that is owned by the business but for which you can sign
checks or redirect funds).
To be directed to
the US Treasury Government Website to prepare a Report of Foreign Bank and
Financial Accounts, click FBAR
(TurboTax does not support this form)
