FBAR (FinCEN) Form 114 and Foreign Pension

[Bagogas]

We are assisting a family member completing their taxes -- The question has come up about the FinCEN (FBAR) 114 form.  She is a naturalized US Citizen but her natural country provides a small monthly pension amount to an account held in that country.  She does not deposit funds or have any investments, etc. that feed the account -- it does not gain interest, as far as we are aware.

We have never received any kind of annual or tax statement on the account.  She has not reported the account in the past, and most years the balance was likely below $10K, but there's no way to know if it exceeded $10K at various points.  Currently, it does exceed $10K.

We assume that the Form 114 is required to be filed for 2020, but we are a bit confused by it, when it's required, etc. so looking for advice.

[MinhT1]

If she has a foreign bank account which has a balance of more than $10,000 at any time during the year, she has to file a FBAR (FinCen Report 114) by April 15, 2021. However, all filers receive an automatic extension to October 15, 2021.

She can file the FBAR online at this website.

[Bagogas]

Thanks..!  What about previous years?  There may have been years where the maximum amount exceeded $10K and other years where it never did.  There has never been, as far as we know, any reporting from the account or statement to the account holder with any tax reporting requirements.  Is that possible?

[LinaJ2020]

If you met the filing requirements in the previous years, you need to follow instructions to resolve delinquent FBARS.  Please see the IRS link here:  

https://www.irs.gov/individuals/international-taxpayers/delinquent-fbar-submission-procedures

Generally, a US resident or citizen with foreign accounts need to file 6-years of prior year delinquent FBAR forms. If the six most recent years are not in compliance, the IRS may impose significant fines and penalties.

@Bagogas