FinCEN Form 114: What you need to know

If you’re an American citizen or green card holder who is living or working abroad, you might have heard of FinCEN Form 114. You might know this form as the FBAR, but the full name of this document is the Financial Crimes Enforcement Network 114, Report of Bank and Financial Accounts.

What does this documentation report and why does it matter to you? The FinCEN Report 114 documents a taxpayer’s foreign financial accounts when their aggregate value exceed $10,000. FinCEN requires you provide this information as part of your tax reporting obligations as an expat.

It’s important to include information about all your relevant financial accounts. For the purposes of Form 114, the following types of accounts are reportable. If you have a financial interest or signature authority over accounts such as:

  • bank accounts
  • brokerage accounts
  • mutual funds
  • trusts
  • retirement accounts or
  • other types of foreign financial accounts.

If the total amount of all the taxpayer’s accounts is more than $10,000 at any time during the tax year, then the FBAR is required to be filed.

Where is the FinCEN Report 114 filed?

Unlike your tax return, this documentation is not reported to the IRS. Rather, the FinCEN Form 114 is filed separately from the tax return to the Financial Crimes and Enforcement Network (FinCEN). Unlike Form 8938, which is a related financial assets reporting form, the FBAR is a filing requirement even if a taxpayer is not required to file a 1040.

FBAR and Form 8938 follow different reporting requirements, so it can be possible a taxpayer must file both of these forms.

Need help with Form 114? Rely on our tax experts

Our tax advisors have helped thousands of expats to file Form 114. We can help you determine what accounts to report and how to complete the documentation. You can trust our expertise for your expat tax service needs. Get started with Virtual Expat Tax Preparation from H&R Block Expat Tax Services.