Screen FrgnAcct - Foreign Financial Accounts - Form 8938 and Form 114 (FBAR) (1120)

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Overview

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Electronic filing note:
When entering data for electronic returns, you need to follow specific BSA guidelines to ensure that the return will not be rejected.
Use this screen to complete Form 8938, Corporate Statement of Specified Foreign Financial Assets, and FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Use one unit of the FrgnAcct Screen for each foreign account or asset.

Financial Account Information

Use this section to enter information about a foreign account. For additional accounts, add additional units of the FrgnAcct Screen and complete this section for each.
Maximum value of account
Enter the maximum value the account attained during the year. If the value cannot be determined, leave this field blank and the application will mark the checkbox Maximum account value unknown on the form.
note
For FinCEN Form 114, this field is not required if
4
is selected in the Information reported for financial account field, and the filer has signature authority over 25 or more foreign accounts.
Financial institution where account is held
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
Foreign country for Other Country (“OC”)
field.

Form 114 – Report of Foreign Bank Account (FBAR)

Use the fields in this section to complete FinCEN Form 114, Parts III, IV, and V.
Filer’s title with this owner
Enter the filer’s title for accounts over which there is signature or other authority but no financial interest.
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This field is disabled if 2, 3, or 5 is selected in the Information reported for financial account field.

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