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Federal input screens

Screen FrgnAcct - Foreign Financial Accounts - Form 8938 and Form 114 (FBAR) (1065)

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Overview

note
  • Use Screen 114 to enter general information for FinCEN Form 114.
  • Use the 8938 Screen to enter general information for Form 8938 or the 8938-2 Screen to enter foreign financial assets other than deposit and custodial accounts.

Financial Accounts Information

Use this section to enter financial account information for Forms 8938 and FinCEN Form 114. Use a separate screen for each foreign account.
Report account on Form 114 and/or Form 8938
Enter
1
 for Both Forms 8938 and 114,
2
 for Form 8938 only,
3
 for Form 114 only, and
4
 to retain the account information without reporting it on either Form 8938 or Form 114. Both Forms 8938 and FinCEN Form 114 calculate if you leave this field blank.
Maximum value of account
Enter the maximum value of the account during the calendar year.
note
  • If you leave this field blank, UltraTax CS marks the Maximum account value unknown field on FinCEN Form 114.
  • FinCEN Form 114 does not print if the maximum value of all accounts is known and the value is less than or equal to $10,000.
  • To print FinCEN Form 114 and create the electronic file when not required to be filed, mark the
    Print FinCEN Form 114 when maximum value of accounts is $10,000 or less
     checkbox in the Return Presentation tab in the Other Return Options dialog. To open this dialog, choose Setup and then 1065 Partnership and select the Other Return Options button.
Deposit or custodial account
Enter
D
 for Deposit or
C
 for Custodial. This field is applicable only to Form 8938.
Type of account
Enter
1
 for Bank or
2
 for Securities. For all other types of accounts, leave this field blank and enter the other type of account description in the
Other type of account
 field. This field is applicable only to FinCEN Form 114.
Other type of account
Enter the description of the other type of foreign account. This information transfers from this field to FinCEN Form 114 only if the
Type of account
 field is blank. This field is applicable only to FinCEN Form 114.

Form 114 – Report of Foreign Bank Account (FBAR)

Information reported for financial account
Enter
2
 for Part II, Owned separately,
3
 for Part III, Owned jointly, or
4
 for Part IV, Authority but no financial interest.
note
  • FinCEN Form 114, Part II and Part III do not complete when the filer has a financial interest in 25 or more foreign accounts (Types 2 and 3).
  • FinCEN Form 114, Part IV, lines 15 through 23 do not complete when the filer has authority but no financial interest in 25 or more foreign accounts (Type 4).

Form 8938 – Specified Foreign Financial Assets

note
The first unit of the FrgnAcct Screen with information in this section will display on Form 8938, Page 1, Part V. Any additional units of the FrgnAcct Screen with information in this section will display on Form 8938, Page 3, Part V.
Foreign currency exchange rate used to convert to US dollars
Enter the currency exchange rate on the last day of the tax year. Use this rate even if the partnership sold or otherwise disposed of specified foreign financial assets before the last day of the tax year.

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