How to File the FBAR (FinCEN Form 114) Yourself
If you are required to file a Foreign Bank Account Report (FBAR), also known as FinCEN Form 114, you can file it electronically yourself. Follow the step-by-step instructions below to ensure a smooth and accurate filing process.
Step-by-Step Instructions for Filing the FBAR Online
- Go to the BSA E-Filing Page
- Visit the BSA E-Filing System for Individuals.
- On the homepage, click on the icon labeled “Prepare FBAR” in the center of the screen.
- Download and Save the FBAR PDF
- A PDF form (FinCEN Form 114) will automatically download to your computer.
- Do not open the PDF immediately. First, save the file to a location on your computer where you can easily find it.
- Open and Complete the Form
- After saving, open the PDF using Adobe Acrobat Reader (other PDF readers may not work correctly).
- Fill out the form with your personal details and account information, including:
- Your full name, address, and Social Security Number (SSN).
- Bank account details: account numbers, bank names, and highest account balances for the year (converted to USD).
- Sign the FBAR Form
- On the first page of the PDF form, click the button labeled “Sign the FBAR”.
- Save the signed version of the form to your computer for your personal records.
- File the FBAR Online
- On the first page of the PDF, click “Ready to File”.
- A new webpage will open where you must:
- Enter your personal information.
- Attach the signed FBAR PDF as instructed.
- Click “Submit” to file the form.
- Save Your Confirmation
- After submitting, save the confirmation screen and any confirmation email you receive. Keep these for your records.
Helpful Hints to Simplify Your FBAR Filing
- Use Last Year’s FBAR as a Template
- Print a copy of your previous year’s FBAR.
- Use a pencil to update balances and add any new account details. This makes data entry faster and reduces errors.
- Converting Foreign Currencies to USD
- Use the official Treasury Reporting Rates of Exchange to convert your foreign account balances into USD.
- The rates can be found here.
- Filing for Joint Accounts
- If you are reporting a joint account with your spouse:
- Under “Number of Joint Owners,” enter 1 (for your spouse).
- If your spouse is a nonresident alien (NRA) without a U.S. tax identification number, indicate the joint owner as “NRA”.
- If you are reporting a joint account with your spouse:
- Accounts with Signatory Authority Only
- If you have signatory authority over an account but no financial interest, report these accounts in Part IV of the form (not Part III).
Final Notes
Filing the FBAR may seem overwhelming, but breaking it into small steps and using previous filings as a guide will make the process manageable. Remember to keep copies of all completed forms and confirmations for your records in case of future audits.
If you need help or have any questions about your FBAR filing, don’t hesitate to consult a tax professional familiar with FBAR requirements.