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syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

 
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Accepted Solutions
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

Likely nothing. Filing the FBAR this year will not necessarily trigger penalties for failing to file last year. 

If you have foreign assets exceeding $10,000 value in USD this year, you must file Form 114. 

For more information about filing, follow this link: FBAR requirements

To file, follow this link: FBAR Filing

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10 Replies
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

Likely nothing. Filing the FBAR this year will not necessarily trigger penalties for failing to file last year. 

If you have foreign assets exceeding $10,000 value in USD this year, you must file Form 114. 

For more information about filing, follow this link: FBAR requirements

To file, follow this link: FBAR Filing
syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

shoud i fille a latte FBAR for the year befor?
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

Yes
syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

how many year can i go back?
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

As many as you need, the on-line form allows you to enter any year. I also wanted you to know I have confirmed there are no penalties for unwillingly not filing if the income was reported on your tax return. You are good to go.
syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

what income ? this was money that i send from the us to saved
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

sorry, income was the wrong word. Just know you are ok
syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

so it is better if i go back as many yaer as i have to or just start for this year?
CarolynM
Level 1

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

Up to you. Since you are aware you should have filed for last year, I would do 2016 and 2017
syl4mas
New Member

I did declare a foreign account last year but did not file a fbar even do my account had more than $10000 what happen this year if I do it ?

it's more than that go back since 2011
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