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FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)

FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (formerly Form TD F 90-22.1) needs to be filed electronically through the FinCEN BSA (Bank Secrecy Act) E-Filing System on or before April 15 of the year following the calendar year being reported. FinCEN (Financial Crimes Enforcement Network) is a bureau of the United States Department of the Treasury.
note
  • FinCEN Form 114 can be extended until October 15.
  • FinCEN Form 114 doesn't have a perfection period for correcting rejected forms. Returns filed before the April 15 deadline and rejected, unless extended, should be updated with a reason and explanation for late filing. The explanation should include details regarding the original transmission before the rejection.
  • For accounts that meet the requirements in the FinCEN Form 114 instructions for "Certain Accounts Jointly Owned by Spouses" and only 1 FinCEN Form 114 is desired, code the accounts to
    J
     and mark the
    Account jointly owned with spouse
     field.
  • The number of foreign accounts for FinCEN Form 114 that have been entered in the
    FrgnAcct
     screen calculates automatically. If 25 or more foreign accounts have financial interest, Parts II and III aren't required. If records of foreign accounts are maintained outside of the application, enter the number of accounts in the
    Number of foreign accounts filer has financial interest in, if 25 or more (Force)
     field on the
    114
     screen. No further entry is required for the Financial Account Information on the
    FrgnAcct
     screen.
  • If the number of foreign accounts with financial interest is 25 or more, FinCEN Form 114, Parts II and III, doesn't complete automatically. To complete Parts II and III even when they aren't required, select
    Setup
    ,
    1040 Individual
    ,
    Other Return Options
    , the
    Return Presentation
     tab, and mark the
    Print FinCEN Form 114 continuation pages if not required
     checkbox. This option is global for all clients submitting FinCEN Form 114.
  • If the number of foreign accounts with signature authority but no financial interest (Part IV) is 25 or more, only lines 34-43 of Part IV (identification information of the principal account holder) are required. Lines 15-23 of Part IV will be blank. The information for each account holder is required on the
    FrgnAcct
     screen for each account.
  • The Treasury Department uses a different foreign country code convention from the IRS. The country code you select on the
    1040
    ,
    114
    , and
    FrgnAcct
     screens converts automatically to the correct country code on FinCEN Form 114, Foreign Bank Account Report (FBAR) for BSA E-Filing. You can verify country codes at https://www.iso.org/obp/ui/#search/code.
  • If the FinCEN Form 114 filer doesn't have a US taxpayer identification number, you can't file Form 114 electronically via the application. Instead, you'll need to file Form 114 using the BSA website at http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

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