TaxACT supports the creation of FinCEN Form 114; however, it must be filed separately from your income tax return with the Financial Crimes Enforcement Network (FinCEN). Since this is a Bank Secrecy Act (BSA) form, it is not processed by the IRS. Additionally, TaxACT does not support the e-filing of this form.
Beginning July 1, 2013 this form MUST be e-filed or a penalty will be assessed. You can use TaxACT to prepare the form, and use a printed copy to help you fill in the form when e-filing through the BSA E-File System
FinCEN Form 114 is separate from your Federal income tax filing and will not be submitted with your e-filed tax return.
To enter FinCEN Form 114 information in TaxACT:
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Investment Income to expand the category, then click Foreign Investment Account Information
- Click Yes on the screen titled Investment Income - Foreign Accounts
- Click Yes on the following screen to enter information for FinCEN Form 114
You will have the option to fill out the form in the TaxACT program. Alternatively, you can fill out the form manually (outside of your TaxACT return), in which case you will only be required to select the countries which will flow to Schedule B, Part III, Line 7b.
To print FinCEN Form 114, if filled out in the TaxACT program:
- Click Print at the top of the screen
- Click Print Individual Forms
- Expand the Federal Forms folder, then expand the Forms and Schedules folder
- Scroll down and click FinCEN Form 114 - Report of Foreign Bank and Financial Accounts
- Click Print next to the copy you would like to print, then click the form title on the next screen
- Print the PDF copy of the form that opens in your PDF reader
- Click Forms at the top of the screen
- Expand the Federal folder, then expand the Forms and Schedules folder
- Scroll down and double-click FinCEN Form 114 - Report of Foreign Bank and Financial Accounts
- Click the printer icon above the form
You will see a 'DO NOT FILE' watermark printed on this form.
If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if:
- The person has financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and
- The aggregate value of the accounts exceeds $10,000 at any time during the calendar year.
A “financial account” includes any bank, securities, securities derivatives or other financial instruments accounts. The term includes any savings, demand, checking, deposit or any other account maintained with a financial institution or other person engaged in the business of a financial institution. Financial account also generally includes any accounts in which the assets are held in a commingled fund, and the account owner holds an equity interest in the fund (including mutual funds). Individual bonds, notes, or stock certificates held by the filer are not a financial account nor is an unsecured loan to a foreign trade or business that is not a financial institution.
Purpose. FinCEN Report 114, Report of Foreign Bank and Financial Accounts, is used to report a financial interest in or signature authority over a foreign financial account. The FBAR must be received by the Department of the Treasury on or before June 30th of the year immediately following the calendar year being reported. The June 30 filing date may not be extended.
Who Must File an FBAR. A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. See General Definitions, to determine who is a United States person.