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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Foreign income

Electronic file guidelines for the 114 and FrgnAcct screens

FinCEN (Financial Crimes Enforcement Network) Form 114 is filed electronically through the BSA (Bank Secrecy Act) E-Filing System. You'll need to follow specific guidelines to avoid the BSA E-Filing System rejecting Form 114.
Data Entry
The following sections list each field location within the product that affects Form 114. Review each of the items.
The following entries aren't allowed in any field.
  • AKA
  • NOT APPLICABLE
  • SEE ABOVE
  • COMPUTER GENERATED
  • NON CUSTOMER
  • SIGNATURE CARD
  • CUSTOMER
  • OTHER
  • UNKNOWN
  • DBA
  • SAME
  • VARIOUS
  • NONE
  • SAME AS ABOVE
  • XX
Office configuration
  • The preparer's name needs to be entered in the
    Setup
    ,
    Office Configuration
    , then the
    Preparers
     tab. If the preparer name has a suffix (for example, "Jr." or "CPA," enter a comma and a space after the last name, and then enter the suffix. Use only prefixes Mr., Mrs., Ms., or Miss. Following these guidelines ensures that UltraTax CS can correctly transfer the information to the appropriate name fields on FinCEN Forms 114 and 114a.
General input folder
Screen 1040
  • The filer's date of birth is required in the 1040 screen in the General folder.
Foreign Bank & Asset input folder
Screen 114
  • The following fields need to be completed in the 114 screen in the Foreign Bank & Asset folder.
    • Signature date:
       The signature date can't be a date in the future.
    • Foreign identification:
       Enter data if the taxpayer or spouse doesn't have a social security number.
    • Mexico state:
       Enter data if the taxpayer's home address is in Mexico.
    • Amended or late filed form:
       Enter data if Form 114 is being amended or is filed late.
    • BSA Identifier:
       Enter data if Form 114 is being amended.
  • Once the BSA E-Filing System accepts Form 114, UltraTax CS automatically enters
    X
     in the
    FinCEN Form 114 has already been filed
     field. Don't clear this field.
  • If you need to re-file Form 114, enter
    M
     in the
    Amended or late filed form
     field.
  • If the filer has a financial interest in all accounts and there are 25 or more accounts, enter data in the
    Number of foreign accounts filer has financial interest in, if 25 or more (Force)
     field. If you enter data in this field, no data is required in the
    FrgnAcct
     screen; however, you can still enter account information in the
    FrgnAcct
     screen, if desired.
FrgnAcct screen
  • When reporting information for accounts that are owned separately, the following fields needs to be completed in the
    FrgnAcct
     screen.
    • Type of Account
    • Account number or other designation:
       UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
    • Financial institution in which account is held
    • Address of financial institution
    • Foreign country code
       and
      Country:
       The address can't be in the United States.
    • For addresses in Mexico, enter state:
       Enter data if the financial institution address is in Mexico.
    • For Foreign country code "OC", enter country:
       Enter data if the financial institution address Foreign country code is "OC" for Other Country.
    • Information reported for financial account
  • When reporting information for accounts that are owned jointly, the following fields must be completed in the
    FrgnAcct
     screen.
    • Type of Account
    • Account number or other designation:
       UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
    • Financial institution in which account is held
    • Address of financial institution
    • Foreign country code
       and
      Country:
       The address can't be in the United States.
    • For addresses in Mexico, enter state:
       Enter data if the financial institution address is in Mexico.
    • For Foreign country code "OC", enter country:
       Enter data if the financial institution address Foreign county code is "OC" for Other Country.
    • Enter data for either of the following:
      • Account jointly owned with spouse
         field or
      • Identifying information for joint owner
    • Information reported for financial account
  • When reporting information for accounts for which the filer has authority but no financial interest, the following fields need to be completed in the
    FrgnAcct
     screen if there are less than 25 accounts.
  • Type of Account
  • Account number or other designation:
     UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
  • Financial institution in which account is held
  • Address of financial institution
  • Foreign country code
     and
    Country
  • For addresses in Mexico, enter state:
     Enter data if the financial institution address is in Mexico.
  • For Foreign country code "OC", enter country:
     Enter data if the financial institution address Foreign country code is "OC" for Other Country.
  • Information reported for financial account
  • Identifying information for account holder

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