What is an FBAR (Form 114)?

What is an FBAR (Form 114)?

The FBAR, or Foreign Bank Account Report, is a form that U.S. persons must fill out if they have more than $10,000 in bank accounts outside of the United States at any time during the year.

The form must be electronically received by (FinCEN) The Financial Crimes Enforcement Network by April 15 each year. The link to file this form is: http://bsaefiling.fincen.treas.gov/main.html

 

To properly fill out the FBAR, you must collect the following information:

  1. Bank name and address, account number(s), and maximum balance for the year in each account for each account you own separately.
  2. Bank name and address, account number(s), and maximum balance for the year in each account for each account you own jointly with your spouse or children.
  3. Bank name and address, account number(s), and maximum balance for the year in each account for each account you have signatory authority over (for an association or company, for example).
After determining the maximum balance of each account, you must convert the amount into U.S. dollars using the year-end exchange rate. We have included these instructions, along with past exchange rates, in the FBAR form below.

Please note that you *must* report all of your bank accounts, even if the balance was minimal, and you *must* report the account’s maximum value during the year, even if you have transferred money between accounts.

Click here to access the US Form 114 on FinCen’s website

Comments are closed.