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Get your taxes done using TurboTax
No, filing a FBAR is not bad for you. It does not trigger an audit or other negative consequences or any affect on your return. It is simply an informational return that was put in place to help combat tax evasion.
It is actually a good idea to file and to file on time to avoid penalties. Since you said you have not filed in the past, if you were required to file, then you should file any delinquent FBAR's as soon as possible. Failure to file is generally worse than filing late.
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‎February 29, 2024
8:34 AM