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New Member
posted Jun 4, 2019 2:41:33 PM

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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1 Best answer
Level 1
Jun 4, 2019 2:41:35 PM

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

10 Replies
Level 1
Jun 4, 2019 2:41:35 PM

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

New Member
Jun 4, 2019 2:41:36 PM

shoud i fille a latte FBAR for the year befor?

Level 1
Jun 4, 2019 2:41:39 PM

Yes

New Member
Jun 4, 2019 2:41:40 PM

how many year can i go back?

Level 1
Jun 4, 2019 2:41:41 PM

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.

New Member
Jun 4, 2019 2:41:43 PM

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

Level 1
Jun 4, 2019 2:41:44 PM

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

New Member
Jun 4, 2019 2:41:46 PM

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

Level 1
Jun 4, 2019 2:41:47 PM

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

New Member
Jun 4, 2019 2:41:49 PM

it's more than that go back since 2011