Get Fincen Form 114 Sample

To file the FBAR as an individual, you must personally and/or jointly own a reportable foreign financial account that requires the filing of an FBAR (FinCEN Report 114) for the reportable year. There is no need to register to file the FBAR as an individual.

The online FBAR form is designed to function within your internet browser, benefiting filers who are unable to file using the current pdf FBAR as it eliminates the requirement to Adobe Reader and perform any modifications to your browser configuration.

FBAR is another name for FinCEN Form 114 (formerly called the Report of Foreign Bank and Financial Accounts), and is used to report foreign financial accounts that held a combined amount of $10,000 or more at any point during the calendar year.

FBARs will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.

Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS. It must be filed directly with the office of Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, separate from the IRS.

Who Must File the FBAR? A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.

To file the FBAR, you'll use FinCEN 114 and submit it electronically through the BSA e-filing site. The process is straightforward and requires you to gather all pertinent account information and enter it into the online system.