The FBAR (FinCEN 114) is a report that must be sent to the U.S. Treasury to disclose non-U.S. financial accounts. To provide the necessary information for an FBAR, you can answer Yes to I have financial accounts outside the U.S. while creating your Tax Questionnaire (TQ) or by clicking the Configure Life & Income button if you have already created your TQ. This will automatically add a section called Non-US Financial Accounts to your TQ:
U.S. citizens and Green Card holders participating in the Streamlined Foreign Offshore Procedures must file three years of tax returns and six years of FBARs. For such cases when you are not required to file a tax return but need to file an FBAR, we designed an FBAR-only Tax Questionnaire. This is a short version of our standard TQ, which gathers information about your non-U.S. bank accounts, regardless of their balances. The FBAR-only TQ consists of four sections:
The Basics: questions about you and your family.
Where I live: questions about your place of residence.
Non-US Financial Accounts: questions about your non-U.S. financial accounts.
To create 3 standard and 3 FBAR only TQs, follow these steps:
In your TFX portal, navigate to the Tax Questionnaires page and click Create New Questionnaire.
Select More than one year.
Click Yes under the Are you behind on filing 6 or more years? question.
Click I like it - let's proceed > Next Step.
Provide answers to Yes/No questions and click Submit.
Don't worry, you don't need to fill in all Questionnaires manually. You can conveniently import responses from a previous year's TQ and make minor adjustments, such as adding new bank accounts or removing closed accounts, as well as updating balances on existing accounts.
If you have created a regular questionnaire but need to complete an FBAR-only TQ, you can change the TQ type at any time. To do it:
Open your TQ and click the Gear ⚙ icon at the left.
Click Change TQ Type and select FBAR only.
Click Save.
Note: please notify your tax preparer if you want to have the FBAR prepared now and provide tax return information later.