FinCEN Form 114

The FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) is a US Government reporting requirement that documents an individual’s foreign financial accounts when their aggregate value exceeds $10,000.

Financial Backing Account Reports (FBARs) must be filed annually by April 15 for the previous calendar year. However, US citizens living abroad can take advantage of an automatic extension that extends the due date until October 15.

FinCEN 114 filing requirements

United States citizens or residents may need to file FinCEN Form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR) if you have a financial interest or signature authority over certain foreign financial accounts such as foreign bank accounts, brokerage accounts, and mutual funds.

This form must be filed with the Treasury Department as required under the Bank Secrecy Act and should be distinct from other federal or state returns submitted to the IRS.

FinCEN Form 114 instructions

FinCEN Form 114 is a federally required form that collects information about your foreign bank and financial accounts. Initially designed to help identify those attempting to hide assets abroad, FinCEN Form 114 now plays an integral role in helping catch those who may be hiding funds.

If your interest or signature authority over a foreign bank or financial account exceeds $10,000 at any point during the year, then filing FinCEN Form 114 is mandatory. This form may be completed by you directly and through third-party service providers like tax preparers.

You and the individual who completes your FBAR must maintain the authorization record for five years. On request, this prepared record may be submitted to IRS or FinCEN for audit review.

Drake Tax users should mark the “FinCEN 114 Only” check box in screen EF (available from the General tab of the Data Entry Menu) to prevent it from being e-filed with other federal or state return types.

Report on Foreign Bank and Financial Accounts

The Report on Foreign Bank and Financial Accounts is a disclosure form required to be filled out by certain taxpayers concerning financial accounts held abroad (referred to as an “FBAR”), an information reporting requirement mandated by the US Treasury Department and enforced by the IRS.

FBAR was initially designed to assist the government in catching those using their overseas accounts for criminal purposes. In addition to criminal exposure, FBAR also carries civil penalties.

Individuals must file an FBAR if they have any financial interest or signature authority over one or more foreign bank or financial accounts that exceed $10,000 at any point during the year. Correspondent and nostro accounts, including those held by governmental entities, do not require reporting.

Who is Required to File FinCEN 114?

United States citizens or resident aliens with financial interests in or signature authority over foreign bank accounts must file FinCEN Form 114 (FBAR). This includes checking and savings accounts, mutual funds, brokerage accounts, and other instruments held outside the US.

However, not all financial accounts must file for FBAR filing requirements. For instance, retirement accounts in foreign countries that generate taxable income do not need to be reported on an FBAR.

If you and your spouse own a joint account and both parties have signature authority over it, you may file a collective Form 114. Alternatively, each spouse must file separately.

Deadline to File FinCEN 114

US citizens, green card holders, resident aliens, and dual citizens must file FinCEN Form 114 if the combined value of all foreign accounts they own or have a financial interest exceeds $10,000 at any point during the year. This includes a bank, brokerage, or other accounts located abroad.

For the 2024 calendar year, the filing deadline for FBARs is April 15, with an automatic extension until October 15. To file electronically, visit FinCEN’s FBAR E-Filing page.

Since the 1970s, the FBAR filing requirement has been in place to catch those who hide assets abroad to avoid paying taxes in the United States. This requirement is essential for the IRS to enforce and can result in fines of up to $10,000 per violation.

If you have $10,000 or more in your foreign financial accounts, you must file FinCEN Form 114 to report foreign bank and financial accounts. FinCEN Form 114.

Individuals who are going to report foreign bank and financial accounts, abbreviated as FBAR can e-file FinCEN Form 114. There are two ways to submit this form. You can either fill out FinCEN Form 114 offline and submit it later to the BSA E-Filing System or prepare and submit at the same time.

If you’re ready to file FinCEN Form 114 in one session, e-filing through BSA E-Filing System is better but if you’re still gathering information about your foreign financial accounts, fill out FinCEN Form 114 as PDF and submit it to the system when it’s finished.

Note: Only individuals who are filing FinCEN Form 114 for themselves can file using these methods. If you’re an attorney, Certified Public Accountant, or an enrolled agent on behalf of a client, you must register to become a BSA E-Filer.

Ready to fill out FinCEN Form 114 on your computer as PDF? Get it below.

Unfortunately, FinCEN Form 114 cannot be previewed online. It requires Adobe Reader 8 or higher.

Same as any other PDF document though you can print out a paper copy when you’re done. Know that FinCEN Form 114 can only be filed electronically and there is no way to submit a paper FinCEN Form 114.

E-File and Submit FinCEN Form 114 online.

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