FBAR: I have 25+ foreign accounts due to my budgeting method : r/USExpatTaxes
Maybe you've heard of the "envelope budgeting" technique, where you take out cash each month and put it in different envelopes such as for "eating out", "clothing", "groceries", etc. Since I spend mostly electronically, I've used my Fintech bank to create a bunch of linked bank accounts to serve as virtual envelopes. So I have individual accounts (each with their own IBAN) for each of those categories. These accounts add up quickly, and I see I now have over 25 bank accounts. I think its irrelevant but the vast majority of these always have very little money in them (e.g. <200 EUR). I was working on my FBAR for 2020 and after collecting all the max balances for the year, I started on the form but it seems they don't want detailed information if you have over 25 accounts. This honestly seems like a nice outcome to save the yearly reporting headache, especially with so many accounts. I understand I need to keep detailed records for 5 years, but that is easy as that is all automatically d