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Screen 114 - Report of Foreign Bank Accounts (FBAR) (1040)
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Overview
note
Electronic filing note:
When entering data for electronic returns, you need to follow specific BSA guidelines to ensure that the return won't be rejected.Use this screen to complete the information necessary to complete FinCEN Form 114, Pages 1 and 5. FinCEN Form 114 is required to report each financial account, including bank, securities, or other types of financial accounts in a foreign country in which the taxpayer and / or spouse has a financial interest or signature authority, when the aggregate value of all accounts exceeds $10,000. Use one unit of the
FrgnAcct
screen for each foreign account.Form 114 prints as a worksheet for the client record, or for the taxpayer to use if they file their FBAR individually with BSA E-file.
note
- Due to FinCEN electronic filing requirements, spaces and dashes will be removed from identification numbers and postal codes, where required. Form 114 will print with the correct formatting for electronic filing.
- The Treasury Department uses a different foreign country code convention than the IRS. UltraTax CS automatically converts the country code you select on the1040,114, andFrgnAcctscreens to the correct country code on FinCEN Form 114, Foreign Bank Account Report (FBAR) for BSA E-Filing. Country codes can be verified here: https://www.iso.org/obp/ui/#search/code.
FinCEN Form 114 — General Information
Number of foreign accounts filer has financial interest in, if 25 or more (Force)
UltraTax CS automatically calculates the number of foreign accounts for FinCEN Form 114 that have been entered in the
FrgnAcct
screen. If records of foreign accounts are maintained outside of UltraTax CS, enter the number of accounts in Number of foreign accounts filer has financial interest in, if 25 or more (Force)
on the 114
screen and no entry is required for the Financial Account Information section on the FrgnAcct
screen.note
If the number of foreign accounts is 25 or more, UltraTax CS doesn't complete FinCEN Form 114, Parts II and III, in accordance with the Form 114 instructions. To complete Parts II and III even when they're not required, select
Setup
, 1040 Individual
, select Other Return Options
, select the Return Presentation
tab, and mark the Print FinCEN Form 114 continuation pages if not required
box. This option is global for all clients submitting FinCEN Form 114.FinCEN Form 114a signature status
Enter
1
(Paper Signed And Returned) when Form 114a, Record of Authorization to Electronically File FBARs, requires a written signature from the taxpayer(s), and a signed Form 114a has been returned to your office. The only options that you can select in this view are blank and 1
. Other options are 2
(Esign Sent), 3
(ESign Failed), 4
(ESign Declined), and 5
(ESigned). UltraTax CS automatically updates the view with the selection from Utilities
, Electronic Filing Status
when using ESignature. This is an optional tracking tool for Form 114a management and works bi-directionally with the Signature Document column in Utilities
, Electronic Filing Status
.FinCEN Form 114 extended
Enter
X
when filing Form 114 past the original due date (April 15) but before the automatic six-month extended due date (October 15). When this field is marked, the printed FinCEN Form 114 filing instructions will show October 15, 20XX
. If the amended or late filed form field contains data, the printed filing instructions will show As Soon As Possible
.FinCEN Form 114 has already been filed
Enter
X
in this field once Form 114 has been filed to suppress the creation of the electronic file. Selecting M
in Amended or late filed form
on the 114
screen will let the creation of the electronic file even if this box is marked. UltraTax CS automatically marks this box with blue text once the FBAR acceptance has been received. Don't unmark this box in this situation. If the FBAR needs to be re-filed, enter M
in Amended or late filed form
.note
If this field is marked, Form 114 doesn't generate in
Forms View
and doesn't print with any collation. Title of filer
Enter the title of the filer that will appear on FinCEN Form 114, line 45. Leave Title of filer blank if the individual is reporting a personal financial interest in the foreign accounts.
Foreign identification
If the FinCEN Form 114 filer doesn't have a taxpayer identification number, select a code in
Type of foreign identification
that describes the type of foreign identification to be used on the form.note
If code 4 (Other) is selected, enter a description of the document in the field.
In
Foreign Identification number
, Foreign country code
and Country
, enter the identification number shown on the document and the country of issuance.note
If the FinCEN Form 114 filer doesn't have a US taxpayer identification number, Form 114 can't be filed electronically via UltraTax CS. Instead, Form 114 will need to be filed using the BSA website at http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html.
Mexico state
If the
1040
screen Residence address is in Mexico, select the Mexico state from the fieldview. This field is required for electronic filing with the Treasury Department.Other Information
Amended or late filed form
Select a code from the Amended or late filed form fieldview that describes the reason for late filing or indicates the form is being amended. When selecting code Z for Other reason, complete
Explanation for late filing code Z, Other
.Explanation for late filing code Z, Other
Enter an explanation of the reason for filing FinCEN Form 114 late. This information is required for Amended or late filed form code Z, Late filing: Other reason.
Code Z, Late filing: Other reason
can be used when filing under the Offshore Voluntary Disclosure Program or similar initiatives.BSA Identifier
Enter the BSA Identifier that was received when the FinCEN Form 114 was electronically filed. UltraTax CS automatically enters this identifier when the electronic file is transmitted and accepted via CS Connect. The BSA Identifier is required to amend a Form 114 that was previously electronically filed. If the Prior Report BSA Identifier isn't known, enter all zeroes in this field (00000000000000).