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How to file an FBAR/FinCEN Form 114 step-by-step

by: Anthony Parent   2016-05-11

On the surface, reporting to the IRS the high account balance of your foreign accounts in which you have signatory authority or a financial interest in, shouldn't be all that complicated.

But, of course it is.

Take the IRSMedic quiz to ensure you know all the intricacies of filing an FBAR!

 

That's why we created this guide to help individuals file FBARs (aka FinCEN Form 144, aka TD F 90-22.1) themselves. In the video below, Anthony walks step by step through the process and talks about filing deadlines, exactly what should be reported, and what to do if you have improperly or unfiled FBARs. Feel free to skip right down to the video...

 

The First FBAR filings

 

It used to be that you filed paper FBARs, but this is no longer the case. Now FBARs are all filed online. So the next question is, where do you file an FBAR online?


 

The left hand page is NOT the page for individuals; that is for tax professionals (like us) to file FBARs for our clients.

 

The page you want to go to is the one shown on the right hand side above: http://bsaefiling.fincen.treas.gov/NoRegFilePDFIndividualFBAR.html

 

We recommend that you use a PDF form for online FBAR filing, not the "Online form"

 

Individuals have the option of using a PDF form and uploading it, or using an online form. We recommends creating a PDF and uploading it as it is easier to correct any mistakes, and you can save your work.

 

Do not open the FBAR PDF form in your browser

If you do, you may get something that looks like this:



Instead, download the FBAR form and open it in Adobe Reader. Download Adobe Reader here if it is not installed on your system.

 

If you have Adobe Reader installed correctly, and open the FBAR Form, you should have something that looks like this:


 

Now "all" you have to do is fill out each section, save the FBAR PDF and upload it here at a page that looks like this:


Once you submit your FBAR, you will get a BSA E-filing confirmation number. Hang on to this number as proof of filing and also if you ever need to amend any mistakes on your FBAR form.

 

If you need assistance amending or filing FBARs, contact us at 888-727-8796 or email info@irsmedic.com. We can even help with late or unfiled FBARs. 


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