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FBAR / FinCEN Report 114
The Foreign Bank Account Report (FBAR) or FinCEN 114, formerly named TD F90-22.1, was due on June 30 of the year following the calendar year being reported with no extensions allowed. However starting with the reporting year 2016 it will be due April 15th, just like IRS Form 1040 and a 6-month extension will be allowed.
If you are a U.S. citizen, U.S. resident or a U.S. business entity and you have a financial interest in or signature authority over a foreign financial account(s) that exceed $10,000 USD in aggregate at any time during the year you will likely need to file the FinCEN Report 114. Even if you live abroad the filing requirement applies. No taxes are paid with this form; it is an information return only and it is filed separately from your income tax return(s).
Financial Account. A financial account includes, but is not limited to, a securities, brokerage, savings, demand, checking, deposit, time deposit, or other account maintained with a financial institution (or other person performing the services of a financial institution). A financial account also includes a commodity futures or options account, an insurance policy with a cash value (such as a whole life insurance policy), an annuity policy with a cash value, and shares in a mutual fund or similar pooled fund (i.e., a fund that is available to the general public with a regular net asset value determination and regular redemptions). Joint accounts must also be reported
Foreign Financial Account. A foreign financial account is a financial account located outside of the United States. For example, an account maintained with a branch of a United States bank that is physically located outside of the United States is a foreign financial account. An account maintained with a branch of a foreign bank that is physically located in the United States is not a foreign financial account.
Children are also responsible for filing a FinCEN 114 if they meet the filing requirements.