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

posted

Connect with an expert

3 Replies

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

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.

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

There should be no penalty

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

Thank you so much for your suggestion ,I am waiting for BSA ID assigned to me and will amend.

However there was another issue with the FBARwhich I just saw, due to Network wifi issue ,my submit page got refreshed and same FBAR got submitted twice to IRS. I received automatic emails from FBEN saying the 2 forms I filed. Could you please help advise what should I do ,am I in trouble ? Thanks in advance.