Do you own – or have interest in – foreign financial accounts? At any point in the past year, did the balance exceed $10,000? If so, you must file a Foreign Bank Account Report (FBAR). This form alerts the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department to the accounts.
In this document, you will need to provide some basic information about yourself and your accounts. Learn more about FBAR forms and what information you must provide.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Key Insights We Will Discuss
- Who needs to file an FBAR?
- What information must be included on FBAR forms?
- How to file FBAR forms
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Who Needs to File an FBAR?
Anyone who owns or has interest in a foreign financial account that exceeds $10,000 at any point over a year must file an FBAR form to alert the U.S. Treasury of the account. These accounts can include:
- Checking
- Savings
- Securities
- Brokerage
- Deposit
- Any other account with a financial institution
Accounts with mutual funds or whole-life insurance policies should also be reported.
Information That Needs to Be Included on FBAR Forms
When filling out an FBAR Form, you need to provide basic information about your financial accounts. Some of the information you will need to list on the form includes:
- Your name
- Your Social Security Number or ITIN
- Your address
- The name of your foreign bank and its address
- The type of foreign account
- Your foreign bank account number(s)
- The highest balance your foreign financial account hit during the year. This will need to be converted to U.S. dollars.
How to File FBAR Forms
All FBAR forms must be submitted through the FinCEN website. You do not mail these forms, and you do not submit them with your tax returns. These must be filed separately through the FinCEN website. If you use a tax professional to prepare your taxes, he or she may also be able to submit the form through the website for you.
Contact a Tax Attorney
If you have foreign bank accounts, call Ayar Law at 800.571.7175 to receive free, no-obligation tax advice from a tax attorney.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Executive Summary:
- If you have foreign bank accounts that exceed $10,000 at any point during the year, you must file an FBAR Form
- To file an FBAR form, you need to submit basic information, including the balance of your foreign account, the name of the financial situation, and your account number
- Contact Ayar Law to get free, no-obligation legal advice at 800.571.7175
