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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12023
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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FBAR form FinCen 114 -- can't get one anywhere If Foreign

Customer Question

FBAR form FinCen 114 -- can't get one anywhere
If Foreign financial assets (deposits) are $56,000 must a FIN Cen form 114 be filed but not an 8938?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

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The FBAR must now be filed electronically.

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See this: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

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And you may have to file both, depending on filing status.

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FBAR is the lower threshhold

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"Aggregate value of financial accounts exceeds $10,000 at any time during the calendar year."

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For 8398:

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Taxpayers living in the US:

  • Unmarried taxpayer (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

  • Married taxpayer filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Taxpayers living outside the US:

  • Unmarried taxpayer (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.

  • Married taxpayer filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.

Expert:  Lane replied 1 year ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the smile or stars on your screen, and then clicking “submit”)

I receive no crediting at all unless you rate in this way.

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Thank you!

Lane

I hold a law degree, (concentration in Tax Law, Estate law & Corporate law), an MBA, (specialization in finance & tax), as well as CFP and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, on three continents, since 1986.

Expert:  Lane replied 1 year ago.

P.S.

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There ARE two different methods of efiling for the FBAR

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You can either use the adobe method and then upload electronically OR use the online form itself where EVERYTHING is done on line.

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I prefer using the pdf version, (which allows us to work at our own pace)

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You can read more about that here: http://bsaefiling.fincen.treas.gov/docs/HTMLFBARAnnouncement.pdf