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Level 2
June 1, 2019
Question

Hello Turbotax ,I made a foolish mistake on FBAR. Instead of mentioning 7k on the Maximum value of account ,I made a typo and mentioned 70k. Can I amend it ? Do I have to pay penalty on it ? please h

  • June 1, 2019
  • 3 replies
  • 20 views
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3 replies

MichaelL1
Level 15
June 1, 2019

Amend the FBAR and File It. The instructions for the FBAR state that if a person finds they gave inaccurate or incomplete information on their FBAR submission, they are required to amend the FBAR. FinCEN Form 114 has a box to check that FBAR is amended and another box to enter BSA ID of the original submission.
MichaelL1
Level 15
June 1, 2019
There should be no penalty