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Form 114 - Report of Foreign Bank Accounts (FBAR)

Report of Foreign Bank Accounts

The ExacTax electronic filing authorization form and program has been updated for the new FinCEN (Financial Crimes Enforcement Network) Form 114 filed through the BSA (Banking Security Act) system.

 

A new line has been added to the eFile authorization form for FBAR status, below the state qualification line. When you submit a return for eFile with Form 114, some or all of the following messages may print:

“QUALIFIED-TP”

“QUALIFIED-SP”

“QUALIFIED-JT”

If the Form 114 has errors or has been suppressed you will get a “NOT QUALIFIED” message.

The Form 114 must be eFiled on or before June 30, 2014. There is no extension available.

Form 114 can be eFiled through ExacTax or manually eFiled at the BSA web site.

After a Form 114 has been has been transmitted to the taxing agency by ExacTax you will receive an acknowledgement confirming acceptance or rejection, similar to the regular eFile ACKs.

To eFile Form 114, the eFile box on Form 3A, ELF, must be checked and Input Form 114 {95B} must have the applicable signature date in zip 4 (for taxpayer) and zip 11 (for spouse).

If you want to file the Form 114 but not the federal or state returns then check zip 4, on 3A {ELF} to suppress the federal and state returns.

RDE users will authorize the eFile just like any other return. The acknowledgement will be displayed as a separate return in the eFile view.