turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ssmgirl64
New Member

I have a Canadian retirement account. I did not know I needed to submit fbar and have not done so for 6 years. How do I go about this now that I am aware of it?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
pk
Level 15
Level 15

I have a Canadian retirement account. I did not know I needed to submit fbar and have not done so for 6 years. How do I go about this now that I am aware of it?

go to www.fincen.gov  and look for filing form 114. It can only be filed on-line.

However, I am not sure you need to report a pension/ retirement  account--- as long as the distribution is reported and taxed.  FBAR generally covers  bank accounts i.e. liquid assets.   FATCA ( form 8938 along with your return ) covers  specified financial assets  ( stocks, bonds and other financial assets that are semi liquid ) but not realestate  and such long-term  immobile assets.

form 114 is for the current year but you can go back if you like -- there is no tax effect for filing 114 but there is penalties ( onerous at that ) if you do not file when required to 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies