How do I file an FBAR report (FinCEN 114)?
US citizens, residents, and entities (including corporations and partnerships) are required to file a FinCen 114 (Report of Foreign Bank and Financial Accounts [FBAR]) form if they had a financial interest in (or signature authority over) at least one foreign financial account and the total value of all foreign accounts exceeded $10,000 at any time during the calendar year.
An FBAR is separate from your tax return.
You can file FBAR through the government’s BSA E-filing System Website.
Materials for filing your FBAR
As you prepare to submit your FBAR, the below information is valuable to have prepared:
Foreign account institution name
Type of account
Examples: Bank, Securities
Account number or designation
Account ownership
Examples: Separate, Joint, Signature authority
Maximum account value (USD)
Financial account address
Form 8938
You may also be required to file Form 8938 (Statement of Specified Foreign Financial Assets). Form 8938 is filed with your tax return and we'll ask and fill it out for you if you need it. The IRS explains more about Form 8938.
Foreign Financial Assets
You must indicate on your tax return whether at any time during the year you had a foreign financial asset. Here’s how to do it in TurboTax:
Answer the questions on the Miscellaneous Investment Income screen.
What types of foreign assets or investments need to be included in Form 8938 or FBAR?
Review this IRS resource for a list of reportable foreign assets for Form 8938 or FBAR.
How do extensions work for FBAR?
You don't need to file an extension for FBAR. It's automatically extended to October 15 if you haven't submitted it by April 15.
