Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen FrgnAcct - Foreign Financial Accounts - Forms 8938 and 114 (FBAR) (1040)

Financial Account Information

When you enter foreign financial account information here, it reports on Form 8938 Parts I and V and/or Form 114 (FBAR). Financial accounts could include bank, securities, or other types of financial accounts in a foreign country.
View the Form 8938 or FinCEN Form 114 instructions for details. Add an additional unit of the FrgnAcct screen for each foreign account.
This field is inactive if code
3
 (Form 114 only) is selected in the
Report account on Form(s)
 field because it applies only to Form 8938.
These fields are inactive if code
2
 (Form 8938 only) is selected in the
Report account on Form(s)
 field because these fields apply only to Form 114.
Whether the taxpayer is married filing joint or separate, or owns the account jointly with someone other than a spouse, the maximum value of the entire account for which an interest is held must be included on each taxpayer's Form 8938 or Form 114. Amount should be recorded as U.S. dollar amount rounded up to the next whole dollar.
A negative value will be reported as 0 (zero) on Form 114. If the value cannot be determined, leave this field blank and the Maximum account value unknown box is automatically marked on Form 114.
If no account number exists, enter other specific identifying information. If more than one account exists, add as many units of the FrgnAcct screen as necessary to enter additional accounts. For Form 8938, additional accounts print on continuation statements and "If you have attached continuation statements, check here" is marked on Form 8938, page 1.
For Form 114, the financial institution address must be in a foreign country. If you enter the foreign country code OC, you must also enter the corresponding ISO country code in the field
For Foreign country code "OC", enter country
.
If you enter
X
 in this field or
J
 in the
T, S, J
 field for all accounts, the application prints one joint Form 114 and enters the spouse information on FinCEN Form 114a.

Form 114 - Report of Foreign Bank Account (FBAR)

Complete the information for the joint owner if not the spouse, or the account holder for an account with signature or other authority but no financial interest.
If you do not know the exact number, enter an estimate.
This field is disabled if 2 or 3 is selected in the
Information reported for financial account
 field.

Form 8938 - Specified Foreign Financial Assets

To complete Form 8938, data entry is required in the Form 8938 - General Information data entry section on the 8938 screen in the Foreign Bank & Asset folder.
Enter
X
 if this account did not have reportable tax items on the return and therefore does not have an item reported on Form 8938 page 1, Part III in the Summary of Tax Items Attributable to Specified Foreign Financial Assets section.
When this field has data, the "Yes" box on Form 8938, Part V, line 24 is marked.
Always use the currency exchange rate on the last day of the tax year, even if the account was sold or otherwise disposed of before the last day of the tax year.
If the U.S. Treasury Bureau of the Fiscal Service did not provide an exchange rate, enter the source of the foreign currency exchange rate that you used.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close