located outside of the U.S. But you may be surprised to know that just by keeping your money in a foreign account, you might have special reporting requirements, known as an FBAR (Foreign Bank and Financial Accounts Reporting). The form you fill out is FinCEN Form 114.

Is FBAR filed jointly?

Taxpayers will likely welcome the news that it is technically possible to file a joint Report of Foreign Bank Accounts (FBAR). A joint FBAR can be filed when taxpayers are married and are eligible to file a joint tax return.

Where can I find the FBAR statement form?

An FBAR statement is a Report of Foreign Bank and Financial Accounts form. It is electronically filed annually with the Department of the Treasury online.

How to report foreign bank and financial accounts ( FBAR )?

Report of Foreign Bank and Financial Accounts (FBAR) Every year, under the law known as the Bank Secrecy Act, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign …

When do you have to file two FBARs?

If your spouse has separate foreign financial accounts in his/her own name and the total aggregate value of all the foreign bank accounts (including those jointly owned) equals $10K or more at any time during the calendar year, you will have to file 2 different FBARs – even if your joint accounts are reported on both forms.

How to file a FinCEN FBAR as an individual?

To file the FBAR as an individual, you must personally and/or jointly own a reportable foreign financial account that requires the filing of an FBAR (FinCEN Report 114) for the reportable year. There is no need to register to file the FBAR as an individual. Select Your FBAR E-Filing Method.