FinCEN Report 114

Financial Crimes Enforcement Network 114, Report of Foreign Bank and Financial Accounts

The FinCEN Report 114 is also known as the FBAR and is used to report a taxpayer’s foreign accounts that in total exceed $10,000 USD. Foreign accounts include financial interest or signature authority over an account such as bank accounts, brokerage accounts, mutual funds, trusts, retirement accounts or other types of foreign financial accounts. If the aggregate amount of all the taxpayer’s accounts is over $10,000 at any time during the tax year, then the FBAR is required to be filed. The FBAR is filed separately from the tax return to the Financial Crimes and Enforcement Network (FinCEN). Unlike Form 8938, FBAR is a filing requirement even if a taxpayer is not required to file a 1040. FBAR is also a separate filing requirement than Form 8938, so it can be possible a taxpayer must file both forms.