Any thoughts to add about FBAR 2014 for American tax reporting?

[watcharacters]

I looked up a form only to be directed to the IRS .gov site to be told the form had been superseded. How do I know what is the latest and only way to do this reporting.

What is the correct method of reporting now in 2014 for tax year 2013 and which version if you know please.

I'm about to bit the bullet and ask my tax preparer to do it but I think it should be easy enough for the average tax payer to do alone.

I'm not upset about paying taxes in the States at all. I've reported all my foreign interest on the tax information submitted to my tax preparer. I know the US has about the lowest tax rates in the industrialized world. I just wish it was not quite so challenging or complex to get it right.

TIA

[ubonjoe]

I suspect the form you tried to download was one those mentioned here that were changed. http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

Page 8 of this publication mentions FinCEN Form 114 (replaces Form TD F 90-22.1) Download: http://www.irs.gov/pub/irs-pdf/p54.pdf

[asiaexpat]

Go to this site and follow instructions. Takes just a few minutes if all information is available. Files electronically per new method. This is the only way to file FBAR.

http://bsaefiling.fincen.treas.gov/main.html

[JimGant]

Go to this site and follow instructions. Takes just a few minutes if all information is available. Files electronically per new method. This is the only way to file FBAR.

http://bsaefiling.fincen.treas.gov/main.html

That site will eventually get you to the new electronic method, but you might get caught up in the old electronic way of filing, which required registration, then receiving a pin -- all of which was a bother.

They've changed this for individuals, where now no registration nor pin are required. Go to this site:

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Very easy to now electronically file. Glad to see FinCEN programmers were able to simplify matters.

The FX rate to use for your 2013 FinCEN Form 114 (which will always be lovingly known as the FBAR) is 32.74

http://www.fms.treas.gov/intn.html#rates

Oh, paid all your taxes on foreign income in years past -- but forgot to file your FBARs? You can file these delinquent FBARs electronically, filling in the section where they ask why you're filing late. Don't forget to inform that , yes, you have paid all taxes owed, as shown on your Form 1040's, and that you're filing the delinquent FBARs IAW IRS FAQ 17.

[asiaexpat]

Go to this site and follow instructions. Takes just a few minutes if all information is available. Files electronically per new method. This is the only way to file FBAR.

http://bsaefiling.fincen.treas.gov/main.html

That site will eventually get you to the new electronic method, but you might get caught up in the old electronic way of filing, which required registration, then receiving a pin -- all of which was a bother.

They've changed this for individuals, where now no registration nor pin are required. Go to this site:

http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Very easy to now electronically file. Glad to see FinCEN programmers were able to simplify matters.

The FX rate to use for your 2013 FinCEN Form 114 (which will always be lovingly known as the FBAR) is 32.74

http://www.fms.treas.gov/intn.html#rates

Oh, paid all your taxes on foreign income in years past -- but forgot to file your FBARs? You can file these delinquent FBARs electronically, filling in the section where they ask why you're filing late. Don't forget to inform that , yes, you have paid all taxes owed, as shown on your Form 1040's, and that you're filing the delinquent FBARs IAW IRS FAQ 17.

JimGrant

Thanks for correcting me. I did register when this first came out but used the simplified method this year. I bookmarked the old site and should have updated the bookmark for the recent site.

[JimGant]

I did register when this first came out but used the simplified method this year

I also registered when it first came out, and when I filed my FBAR in Jan the new method wasn't apparent. So I logged on to my account, used my pin, and electronically filed the old way. Another poster was discussing electronic FBAR filing, but was referring to the new, no pin method. I scratched my head, as I'd never heard of this -- as FinCEN was perfectly happy to let me log on to my account in the old fashioned way (as non individuals still have to do) -- without any 'heads up' about the new option.

Anyway, for those who are registered with FinCEN -- and have the home FinCEN E-Filing site bookmarked -- be aware of the new method, 'cause the first link you'll see at this homepage is the hyperlink for 'e-filing login.' And by clicking this (in my experience), you'll march down the old pin road.

[Sheryl]

I would like to add for the benefit of Mac users that despite the statement on the opening page -- and what the FBAR "help" desk will incorrectly tell you -- that only Windows is supported and a Mac cannot be used -- it can.

Use Safari, make the "Develop" menu visible (an option under Preferences) and then in the Develop menu select User Agent and then IE.

Works perfectly.

[Pib]

I just used the new FinCen114 form and filing method to electronically file my FBAR 2013 report....piece of cake. Completion of the form was easy using Adobe Reader...the form had built-in validation which caught a mistake for me...you also electronically sign the report by clicking a button...then clicked the button which takes you to the FinCin website to submit/upload the form...after submission I got an immediate confirmation email my submission had been received/accepted. Piece of cake. Also completed/filed away the FinCen114a form since the report was a joint submission with my spouse.

This is my first year doing an online FBAR filing which is now required (can't mail in a report no more)....previous years I just printed out the FBAR report from my tax software (TaxAct) or completed the actual FBAR form and mailed it in...I never attempted to do an online submission since the previous method of during online submission apparently gave a lot of people problems due to software/connection issues. But this new online submission method for an individual to submit a FBAR is nothing more than attaching a completed FinCen114 PDF form to an online submission header...basically like attaching a document to an email and hitting Send.

Yeap, piece of cake. Also Efiled my taxes a few days ago...another piece of cake using TaxAct. Done for another year....hopefully Uncle Sam is happy and will leave me alone for another year.

Edited March 20, 2014 by Pib

[siamtwin]

Pib

When you efiled your taxes using TaxAct did you use a Thailand home address?

HR Block's software would not let me efile using a foreign home address, so I had to mail in a paper return.

Sent from my iPad using Thaivisa Connect Thailand

[Pib]

I used a military APO address here in Thailand which is an official U.S. Postal System address.

I ran a test by changing my APO address to my Bangkok address in TaxAct, disconnected my internet connection, and attempted the efile process since TaxAct then goes through all the checks and validations before efiling. TaxAct did not reject my foreign/Bangkok address during this validation process and the only thing it did was said we can't complete the Efile due to no internet connection. Did some googling also and it indicate you can file with a foreign address like mentioned at this Link.

Now the first year I did my federal "and state" tax returns from Thailand using my APO address, it did efile my federal return but said I must mail-in my state tax return which I did...that was my close-out return for that state...I don't file state anymore.

Maybe your inability to efile is "not" related to your foreign address but maybe some other thing/special form in your return or maybe being caused by the state income tax efiling you may also be attempting? Were you also filing a "state" tax return? When looking at the TaxAct Help files it talks about efile issues with certain states in certain situations.

[asiaexpat]

I would like to add for the benefit of Mac users that despite the statement on the opening page -- and what the FBAR "help" desk will incorrectly tell you -- that only Windows is supported and a Mac cannot be used -- it can.

Use Safari, make the "Develop" menu visible (an option under Preferences) and then in the Develop menu select User Agent and then IE.

Works perfectly.

This is interesting since I also use a Mac (MacPro) and recently filed our FBAR online with no problems. I used Safari and did not make any changes to Safari. I did use the new on-line system rather than the old one that required a PIN and sign on.

[siamtwin]

No, I wasn't filing a state return. The software simply said when I tried to efile the federal return that it was not possible because I had a foreign address. Based on what you said, next year I'll try to efile using TaxAct instead. Thanks for your input.

Sent from my iPad using Thaivisa Connect Thailand

[lopburi3]

1. Tax Act has always allowed a foreign address for tax filing - both software and on-line - I have been using with Thai address for more than a decade.

2. Electronic FBAR filing I did independent of Tax Act, but normal foreign address, as was done later but was very simple (using old as example) but expect if first time will take a bit longer. Be sure to have Adobe Reader to submit your PDF as it needs to be electronically signed and software did not seem to be working with Foxit Reader - but once installed Adobe worked fine.

[siamtwin]

Thanks Lopburi3. I had no problem with FBAR efiling this year. It was just the federal efiling via HR Block where I ran into problems.

Sent from my iPad using Thaivisa Connect Thailand

[Pib]

No, I wasn't filing a state return. The software simply said when I tried to efile the federal return that it was not possible because I had a foreign address. Based on what you said, next year I'll try to efile using TaxAct instead. Thanks for your input.

Sent from my iPad using Thaivisa Connect Thailand

I've been using TaxAct since 2005...I switched from TuboTax because TurboTax was so much more expensive. And besides the cost savings I liked the TaxAct interface better than TurboTax. Can't speak to TurboTax anymore since 2004 was the last year I used it.

[watcharacters]

I would like to add for the benefit of Mac users that despite the statement on the opening page -- and what the FBAR "help" desk will incorrectly tell you -- that only Windows is supported and a Mac cannot be used -- it can.

Use Safari, make the "Develop" menu visible (an option under Preferences) and then in the Develop menu select User Agent and then IE.

Works perfectly.

This is interesting since I also use a Mac (MacPro) and recently filed our FBAR online with no problems. I used Safari and did not make any changes to Safari. I did use the new on-line system rather than the old one that required a PIN and sign on.

.

Thanks for that info.

I haven't upgraded to the latest system, Maverick, and am still using Lion. Would you mind saying which OS you used to file, please?

Is there any way I can download the requested information prior to starting the filing process. I'm not quick and I hate to start an internet task only to find out at the end that my "time has expired". I'd like to have the answers in front of me when I start.

Is there a confirmation from FBAR about the acceptance of the electronic filing? I'd hate to try to defend myself in the future by saying I printed out a form which I promise I sent you. That'll be the fourth famous lie or does that fall under the " the check is in the mail at #2 or is that #1"?

I'm crossing my fingers I don't have to go the the develop menu and etc but thanks for the info, Sheryl.

Seems to be more than one path to get to the destination based on what i see posted.

Thanks to all.

tick-tock...

Edited March 29, 2014 by watcharacters

[asiaexpat]

I would like to add for the benefit of Mac users that despite the statement on the opening page -- and what the FBAR "help" desk will incorrectly tell you -- that only Windows is supported and a Mac cannot be used -- it can.

Use Safari, make the "Develop" menu visible (an option under Preferences) and then in the Develop menu select User Agent and then IE.

Works perfectly.

This is interesting since I also use a Mac (MacPro) and recently filed our FBAR online with no problems. I used Safari and did not make any changes to Safari. I did use the new on-line system rather than the old one that required a PIN and sign on.

.

Thanks for that info.

I haven't upgraded to the latest system, Maverick, and am still using Lion. Would you mind saying which OS you used to file, please?

Is there any way I can download the requested information prior to starting the filing process. I'm not quick and I hate to start an internet task only to find out at the end that my "time has expired". I'd like to have the answers in front of me when I start.

Is there a confirmation from FBAR about the acceptance of the electronic filing? I'd hate to try to defend myself in the future by saying I printed out a form which I promise I sent you. That'll be the fourth famous lie or does that fall under the " the check is in the mail at #2 or is that #1"?

I'm crossing my fingers I don't have to go the the develop menu and etc but thanks for the info, Sheryl.

Seems to be more than one path to get to the destination based on what i see posted.

Thanks to all.

tick-tock...

I use OS 10.9 Maverick. When you are ready to file just have all your bank books and the address of your branch handy. It is quick and easy.

Edited March 29, 2014 by asiaexpat

[Pib]

Well, I can't really speak to how the Apple OS system works, but here's the weblink to where you download and file the FinCen114 form (FBAR)...you can also downlod the instructions and a FinCen114a. Like with Windows you just click on the Prepare FBAR and it downloads the form to your computer where you complete it offline...or you can right click on the Prepare FBAR link and select Save Link As to download the file. Once you complete the FBAR you just click the Submit FBAR icon, a window will pop up where you enter your email address twice, First Name, Last Name, and Phone Number....you then attached the FBAR you completed offline, and then hit Submit. Really no different than filling out an email header, attaching a document, and hitting Send. You don't need an User ID or password...just complete the transmission header, attached the completed form, and hit Submit.

I filed my FBAR using the online system on 20 Mar and within seconds of submitting I got an email saying my FBAR submission was accepted and will be transmitted...it also included a FBAR control number. The next day on 21 Mar I got another email Acknowledging my submission by FinCen and it assigned a BSA Identifier number...and said to be sure to printout/save a copy for my records. So, yes, you will get confirmation of your FBAR eflling.

Edited March 29, 2014 by Pib

[watcharacters]

I would like to add for the benefit of Mac users that despite the statement on the opening page -- and what the FBAR "help" desk will incorrectly tell you -- that only Windows is supported and a Mac cannot be used -- it can.

Use Safari, make the "Develop" menu visible (an option under Preferences) and then in the Develop menu select User Agent and then IE.

Works perfectly.

This is interesting since I also use a Mac (MacPro) and recently filed our FBAR online with no problems. I used Safari and did not make any changes to Safari. I did use the new on-line system rather than the old one that required a PIN and sign on.

.

Thanks for that info.

I haven't upgraded to the latest system, Maverick, and am still using Lion. Would you mind saying which OS you used to file, please?

Is there any way I can download the requested information prior to starting the filing process. I'm not quick and I hate to start an internet task only to find out at the end that my "time has expired". I'd like to have the answers in front of me when I start.

Is there a confirmation from FBAR about the acceptance of the electronic filing? I'd hate to try to defend myself in the future by saying I printed out a form which I promise I sent you. That'll be the fourth famous lie or does that fall under the " the check is in the mail at #2 or is that #1"?

I'm crossing my fingers I don't have to go the the develop menu and etc but thanks for the info, Sheryl.

Seems to be more than one path to get to the destination based on what i see posted.

Thanks to all.

tick-tock...

I use OS 10.9 Maverick. When you are ready to file just have all your bank books and the address of your branch handy. It is quick and easy.

.

THANKS TO ONE AND ALL.

And to think I thought I'd be reducing my paperwork living in SEA.

[riclag]

I had to file a fbar last year because I had the $10,000+ aggravate .This year I don't have more then $10,000.I'm not sure if the moderated

had mention, once someone files they have to file the fabar every year even if they don't meet the $10,000. I looked on the fabar site but obviously I didn't see anything

[Pib]

Unless you have more than $10K in foreign financial assets at any point during the year you do not have to file.

If for 2014 (or any year) if you have $10K or less you do not have to file...it does not matter if you did have to file in a previous year(s) because you had more than $10K. So, you don't have to file for 2014 if you keep it at or below $10K at any point during the year.

[riclag]

Thanks Pib