How to File the FBAR yourself

Jan 11, 2016

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

  1. Go to the BSA E-Filing Page
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. 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

  1. 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.
  2. 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.
  3. 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".
  4. 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.

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Many taxpayers receive identity verification notices from the IRS, and in most cases, the process is straightforward and can be resolved without much difficulty.

You have the following options to verify your identity:

Option 1: Verify through the IRS using your ID.Me account

 

Option 2: Use the IRS Document Upload Tool

    • Please note when they ask for the access code answer "no" and put in the notice/letter type 5447C

    • Alternatively, we can upload the documents on your behalf. (Please note additional fees apply.)

For both options 1 and 2:

    1. Allow at least 30 days to process.
    2. You can then check your status on IRS Where's My Refund or request that we pull your transcript.

    Option 3: Call the IRS

      1. Phone number: 1-267-941-1083

      1. When calling the IRS please note that there could be long wait times. We recommend the best time to call is as close to 1PM Israel time as possible, when the lines first open.

    When speaking with the IRS agent:

      • Let them know you are calling in response to a Letter 5447C letter for tax year 202x.

      • Provide the control number as it appears on the first page of the letter.

      • Be prepared to answer any question they ask from the first 2 pages on both tax returns, including:

          • complete address

          • filing status (Head of Household /Married Filing Separately / Married Filing Joint/ Single)

          • refund amount.

      • If you are unsure of an answer you may ask the agent where it can be found on the return.

      • Know the dates of birth for you and the children on the return

      • Know your mother's maiden name

      • If they ask about W-2 income, tell them since you live outside of the US your income isn’t reported on a W-2, but rather the equivalent form 106 instead.

    They hopefully will not ask any more financial questions.

    If your identity is successfully verified during the call, the IRS will typically inform you immediately. Your refund should then be released within approximately 6-9 weeks.

    Documents Required in All Cases

    Regardless of the verification method you choose, you will need:

      • a copy of the 5447C letter you received

      • the first 2 actual 1040 pages of your 202x and 202x tax returns

    Additional Documents for ID.me or Document Upload Verification

    If you are verifying online through ID.me or using the IRS Document Upload Tool, you will also need:

    Two clear copies of acceptable identification, as listed in the IRS letter (for example passport and license).