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Get your taxes done using TurboTax
Form 3520 and FBAR/FinCEN114 are sent to separate agencies, so you definitely want to also file the FBAR.
Form 3520 goes to the IRS and FBAR/FinCEN114 to the Financial Crimes Enforcement Network. Thankfully, that's a simple process as these things go. You can file that form HERE.
The only tricky part to filing the FBAR is that you must report the highest balance in your account during the year. You do these for each account, not each sum of money. This means if you have $10,000 in bank account 123 and you move it to bank account 345 (such as checking to savings or switching banks) you would report the highest balance in each account, even though it comes from the same funds.
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March 20, 2024
4:37 PM