2586771
Hello,
I have a question about foreign accounts and assets. I answered two "YES" to the question in Turbotax online as below in the first picture. I later learned I shouldn't have checked the second box since I don't have any signature or other authority. I was told by Turbotax that I should just amend it when I receive my return money.
Based on the generated schedule B though, I feel like it might work out anyways so I'm looking for some help. Is how I answered the question having an impact on schedule B (the second picture)? My sense is that since it's an "either-or" question, either or both of the two boxes I'm dealing with might generate the same form, as the second picture. I do have a foreign bank account and saving over the threshold so I'll need to file FBAR separately. That's why I figure I might be able to stick to what I have now. But not sure if I screwed up anything here or elsewhere with the federal or state return. I'd appreciate your help!
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Your return looks good. There is no reason to amend as long as you do file your Report of Foreign Bank and Financial Accounts (FBAR).
Who:
A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:
Generally, an account at a financial institution located outside the United States is a foreign financial account. Whether the account produced taxable income has no effect on whether the account is a “foreign financial account” for FBAR purposes.
When:
The FBAR is an annual report, due April 15 following the calendar year reported.
You’re allowed an automatic extension to October 15 if you fail to meet the FBAR annual due date of April 15. You don’t need to request an extension to file the FBAR.
How to File:
You must file the FBAR electronically through the Financial Crimes Enforcement Network’s BSA E-Filing System. You don’t file the FBAR with your federal tax return.
If you want to paper-file your FBAR, you must call FinCEN’s Regulatory Helpline to request an exemption from e-filing. See Contact Us below to reach this Helpline. If FinCEN approves your request, FinCEN will send you the paper FBAR form to complete and mail to the IRS at the address in the form’s instructions. IRS will not accept paper-filings on TD F 90-22.1 (obsolete) or a printed FinCEN Form 114 (for e-filing only).
FinCEN Form 114a (If you want someone to file your FBAR on your behalf)
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