I made a mistake Sch B Part III Foreign Accounts and Trust. I have less than $10K in my foreign bank account but said I had more. Now there is a check in schedule B saying I need to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). I have filed without seeing this error. Now I am concerned I have triggered some review by the Treasury Department. Does anyone know if I should a) re-file with correction, b) file FBAR with <$10K, c) ignore the issue?
You'll need to sign in or create an account to connect with an expert.
Yes, you should have this return amended because the information may trigger an alert that you have a FBAR or FATCA filing requirement. Here is how to amend.
To amend your return using Turbo Tax Online.
To amend using the Desktop Software, go to:
Now you are in your return and you can check the areas I have already mentioned above. If you used the Desktop version, you can go to the Forms mode and go to Schedule B. Here you can change the answer to no in Line 7A asking you if you are required to File FinCEN Report 114.
if you are in the online version, there will be a screen that will appear asking you if the value of your accounts exceeded $10,000 during the year. Here you will check no. Here is what the screen should look like.
Yes, you should have this return amended because the information may trigger an alert that you have a FBAR or FATCA filing requirement. Here is how to amend.
To amend your return using Turbo Tax Online.
To amend using the Desktop Software, go to:
Now you are in your return and you can check the areas I have already mentioned above. If you used the Desktop version, you can go to the Forms mode and go to Schedule B. Here you can change the answer to no in Line 7A asking you if you are required to File FinCEN Report 114.
if you are in the online version, there will be a screen that will appear asking you if the value of your accounts exceeded $10,000 during the year. Here you will check no. Here is what the screen should look like.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Sedutra
Level 2
buga-adelin-yaho
New Member
wolfstyle1986-gm
New Member
bren955103
New Member
mkurts
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.