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FBAR form FinCen 114 -- can't get one anywhere If Foreign

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FBAR form FinCen 114 --...
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
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5/26/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,291
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

The FBAR must now be filed electronically.

...

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

...

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

...

FBAR is the lower threshhold

..

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

...

For 8398:

...

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.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

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

...

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.

...

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.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

P.S.

...

There ARE two different methods of efiling for the FBAR

...

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

..

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

...

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

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Lane
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Category: Tax
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