FBAR
Who Must File an FBAR?
A U.S. person—including citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates—is required to file the FBAR (Form 114, Report of Foreign Bank and Financial Accounts) if:
- They have a financial interest in or signature authority over at least one financial account located outside the United States.
- The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year to be reported.
Do I have to report my financial account, even if it does not produce any taxable income?
Yes, you are required to report all foreign financial accounts if you need to file an FBAR. Please refer to the previous question for more details.
What is the last date for filing the FBAR form?
The FBAR is an annual report, due on April 15 following the calendar year being reported. If you fail to meet the April 15 deadline, you are granted an automatic extension until October 15.
Does WorkMyTaxes help with filing the FBAR form?
Yes, we can assist you with filing the FBAR form. For existing clients, the fee starts at $40. For new clients, the fee begins at $100.
Foreign Assets Reporting
What are the specified foreign financial assets that I need to report on Form 8938?
If you are required to file Form 8938, you must report your financial accounts maintained by a foreign financial institution. Examples of reportable assets include:
- Savings, deposit, checking, and brokerage accounts held with a bank or broker-dealer.
- Stocks or securities issued by a foreign corporation.
- Notes, bonds, or debentures issued by a foreign person.
- Interest rate swaps, currency swaps, basis swaps, commodity swaps, credit default swaps, and other similar agreements with foreign counterparties.
- Options or other derivative instruments entered into with a foreign counterparty or issuer.
- A partnership interest in a foreign partnership.
- An interest in a foreign retirement or deferred compensation plan.
- An interest in a foreign estate.
- Any interest in a foreign-issued insurance contract or annuity with a cash-surrender value.
This list is not exhaustive and other foreign assets may also need to be reported.
How do I file this information?
Form 8938 must be filed along with your income tax return.
How do I provide the foreign bank and financial account details?
We offer a user-friendly, Excel-based form available on our website’s download section to help you submit the required information.
Do I have to file both Form 8938 and Form 114, Report of Foreign Bank and Financial Accounts (FBAR)?
Filing Form 8938 does not eliminate the requirement to file the FBAR if you are otherwise obligated to do so, and vice versa. Depending on your specific situation, you may need to file one or both forms. Certain foreign accounts may need to be reported on both forms.
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