If my income is below the US tax filing requirement, do I still need to file FBAR or FATCA?

Unfortunately, even if you are making less income than the filing threshold (for 2019, $12,000 for a single individual), you must still file an FBAR if you have had more than $10,000 in your foreign accounts at any point during the year. Remember, this is an aggregate amount for all your foreign accounts.

While it’s not specifically required, we’d also recommend reporting for FATCA on a Federal Tax Return if your assets meet the filing threshold. For single filers, if you have $200,000 or more in specified foreign assets on the last day of the year or more than $300,000 at any point during the year, you must file. If you are filing married jointly, the threshold rises to $400,000 at the end of the year and $600,000 at any point during the year. Filing FATCA will eliminate any negative consequences that could potentially arise from not reporting.