How to file an FBAR
Wondering how to file an FBAR? If you’re a U.S. citizen or Green Card holder and you’ve held a combined $10,000 or more in foreign (non-U.S.) accounts at any one time in the tax year , you likely need to file FinCEN Form 114, also known as a Foreign Bank Account Report (FBAR). H&R Block Expat Tax Services makes filing your FBAR and staying compliant with your financial reporting obligations a snap.
Below, we'll explain how to file an FBAR step-by-step, including how to file your FBAR with our virtual process designed with convenience and accuracy in mind. Ready to file? With H&R Block, you have two convenient, secure options to file your FBAR (FinCEN Form 114); on your own with our DIY online expat tax service or with help from an advisor.
How to file an FBAR
Need to file an FBAR? H&R Block Expat Tax Services makes it simple to file your FBAR and U.S. taxes together. Here’s how to file your FBAR online:
Head over to our Ways to File page, choose to file taxes yourself or with an advisor, register online and complete your tax organizer.
H&R Block makes it simple to file your expat taxes and FBAR together. After you choose to file yourself or file with an advisor, you’ll be able to register an account. From there, you’ll complete your personal Tax Interview. This is where you provide information about your overseas tax and financial situation, including information regarding your FBAR. After you have uploaded all your information, you'll get a personalized checklist of documents to upload according to your specific situation.
We'll assign you the right advisor for your situation (if you choose to file with an advisor)
If you chose to file with an advisor, this is where we match you with the perfect one. Your advisor will review your documents and FBAR and begin your return and FBAR submission.
We prepare your U.S. tax return and FBAR
Whether you file yourself or with an advisor, you can trust H&R Block Expat Tax Services for all the following:
- Federal tax preparation and filing
- State tax return preparation and filing
- FBAR filing (Report of Foreign Bank and Financial Accounts)
- Past-due FBAR and tax returns from prior years, including Streamlined Compliance filings
- Free extension filing
- H&R Block’s 100% Accuracy Guarantee
- We even offer local assisted tax return preparation in select countries If you file with an advisor, your expert will prepare your return and will be available to answer any questions you may have.
Pay for and review the FBAR and return.
When your FBAR and tax return are completed, you'll see your FBAR filing cost and be asked for payment via your client portal. Know that protecting your information is important to us — we maintain the physical, electronic and procedural safeguards to protect the information you submit to us.
After you pay, your H&R Block Expat Tax Advisor can walk you through your FBAR and return, answer your questions and offer relevant tax savings tips for next year.
We file your return with the IRS and FBAR with FinCEN.
Finally, we'll file your completed return with the IRS and FBAR with FinCEN. After filing, your tax return and FBAR will be stored in your secure online account, where it will be safe and easy to access, whenever you need.
FBAR (FinCEN 114) filing requirements and due date
Your FBAR due date for the calendar year you're reporting is the same as your tax filing deadline, but you can always see up-to-date deadlines on our expat tax deadline page. If you're required to file an FBAR, you must file one every year.
FBAR requirements state that if you are a U.S. Citizen or Green Card holder (including Accidental Americans) and you’ve held a combined $10,000 or more in non-U.S. financial accounts at any one time in the tax year, you need to file FinCEN Form 114. For a smooth submission process, have these documents and information handy:
- Legal name on the foreign account(s)
- Type of account
- The name and address of the institution or other person with whom the account is maintained
- The maximum value (converted to USD using the end of year exchange rate) in each account during the FBAR reporting period
- The number and/or other designation of the account
FBAR filing cost
Filing your FBAR with H&R Block Expat Tax Services will help save you time and won’t break the bank. Starting at $49, you can file an FBAR as an add-on to your DIY tax preparation.
When you add FinCEN Form 114 to your assisted tax return, FBAR filing costs $99 and includes the same attention to detail and 100% Accuracy Guarantee as our Expat Tax Prep Services.
What if I've never filed an FBAR before?
Yikes! If it turns out you’ve accidentally skipped filing your FBAR in years past, don’t panic. Submitting a Foreign Bank Account Report isn’t exactly an everyday occurrence, and it’s easy to overlook if you weren’t aware of compliance laws.
If you were honestly unaware of your FBAR filing requirement, the time to act is now. The IRS and FinCEN have a few disclosure programs that offer amnesty to Americans who have made an honest mistake in overlooking their filing obligations, including Streamlined Filing Compliance Procedures.
Streamlined compliance procedures allow Americans to get caught up on back taxes and delinquent FBARs with amnesty in order to avoid the large penalties that come from willfully not filing — penalties that can range anywhere from a few hundred dollars to a few hundred thousand dollars for serious offenders. All in all, it makes financial sense to be sure you’re up to date on all your reporting requirements.
If this all seems overwhelming, don’t stress — we’ve got your back. When catching up on multiple years of FBAR filings, choose to file your taxes and FBAR with an advisor, and our international tax advisors can help you decide on the best course of action for your unique situation.
Unsure how to file an FBAR or if you need to? H&R Block’s Expat Tax Services has your back.
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