U.s. 2012 Taxes: Successful E-Filing Federal & Fbar (Td F 90-22.1)

[sante]

I just finished all my tax filings for 2012, both my Federal taxes and FBAR (aka Form TD F 90-22.1) Both were done for free online and then e-filed.

I used Turbotax.com for the IRS and then BSA efile government site for the FBAR (http://bsaefiling.fincen.treas.gov/Enroll_Individual.html)

Although I filled out the FBAR form while doing my Federal Taxes with Turbotax, it's filed separately from the IRS document so TurboTax doesn't do it. I saved the filled out form and then copied the information to the BSA efile site. At first I had some problems there using my Chrome browser but everything went smoothly as soon as I switched to Internet Explorer.

According to my research e-filing FBAR will be mandatory beginning this July.

The online process was so quick and easy, the easiest and best price since I've begun paying income taxes many many years ago. Am relieved it's done. My finances are very simple so it may be a different experience for someone with more complex economics. Also, I used an XP computer and can't advise for more recent Windows versions or Apple based system, especially for the FBAR site.

[keeniau96]

The FBAR is filed with the US Dept of Treasury, not the IRS. Due date is July vs. 15-April for IRS. The FBAR has been mandatory for at least five years now, with very harsh penalties for failure to comply, and no extensions for late filing.

[wannascuba]

The FBAR has been mandatory for at least five years now,

I think what he was saying is, The FUBAR will have to be filed via the website starting in July, IE no more paper, mail in forms allowed.

[lopburi3]

Which means next year the e filing will be required - I just mailed the printed copy done while filing Taxact return this year but thanks for the update - would have given it a try. FYI: although tax refund was stated to be about 3 weeks got it in one, as usual, this year.

[el jefe]

OP wrote:

"I used Turbotax.com for the IRS and then BSA efile government site for the FBAR (http://bsaefiling.fi...Individual.html)"

What a pain in the a$$ to use that BSA Efile site.

I used my tax prep program which "saves" my foreign account info from year to year. All I had to do was slot in the amounts, print and mail. It took less than 90 seconds.

I'm not looking forward to the day when they mandate efiling unless all the tax prep programs will have the capability to do that. Let's hope they keep delaying the requirement.

[sante]

This is my first tax year outside the U.S. so the BSA site was fine for me--much quicker than trudging to a print shop to make a hard copy of the form and then continuing on to the post office for mailing. And then wondering if the document would end up at the intended destination. And the price was right too. But I agree with you--the site is not user friendly and is buggy. And I was surprised past criticisms of the site hadn't been addressed for this new tax year. There will be a lot of problems if emailing does become mandatory in July.

I found the following phone number for verifying receipt of the FBAR but haven't used it so don't know if it's genuine or current.

"Ninety days after the date of filing, the filer can request verification that the FBAR was received. An FBAR filing verification request may be made by calling 866-270-0733 and selecting option 1. Up to five documents may be verified over the phone. There is no fee for this verification."

[lopburi3]

Troll and reply removed.

[Pib]

I expect using the site to file the FBAR would prevent a so called joint filling where if the spouse only has joint bank accounts with the primarily filler the spouse doesn't need to submit a separate form...only needs the spouse's information on the same FBAR form and both sign the form. This is what the wife and I have been doing for years instead of submitting two separate forms. But hey, while online submission is great stuff, pulling-up last year's FBAR form, confirming it the same version form/making the necessary adjustments, printing it out, and mailing it is no problem. Too bad the IRS and U.S. Treasury can't get together and agree to a way just to integrate the FBAR submission into the income tax submission, at least for efiled returns...and then let their computers pull out the FBAR data for the Treasury Dept. Oh well...now I need to get off my butt, get our income tax filing done in TaxAct and hit the efile button.

[sante]

Update: Just got an email saying an acknowledgement receipt for my e-filed FBAR was in my BSA inbox. When I logged on with my Chrome browser and tried to open the pdf receipt, I got an error message telling me to download the latest pdf reader. Since I have the latest reader on my computer and that same error message had popped up when first using the BSA site, I knew it was a browser glitch. Changing to IE, I was able to open the file which acknowledged receipt of the FBAR and gave the assigned DCN number to track the document. The PDF forms load slowly with Internet Explorer but at least they can be opened.

I e-filed on Saturday Feb 9 and received the acknowledged receipt this morning, the 12th.