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Topic: Schedule B and FBAR link?  (Read 777 times)

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Schedule B and FBAR link?
« on: February 15, 2013, 08:15:19 PM »
I was shoulder surfing as my accountant worked on my 2012 return. When he got to Schedule B of the 1040 and the part that asks about the FBAR, checking the relevant boxes etc., a flag came up. As the FBAR box was checked a new window come up with a populated FBAR form, strange I thought, (as did my accountant), as the FBAR isn’t an IRS form at all. He hypothesised that a soft copy must go to the IRS, presumably to cross reference with the U.S. Treasury. I understand the IRS has some authority with the FBAR, but ultimately it’s a treasury form. Now, if they could just add this to the regular return as indicated, life would be so much easier. Perhaps they will and this was just a test!


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Re: Schedule B and FBAR link?
« Reply #1 on: February 15, 2013, 08:20:19 PM »
I was shoulder surfing as my accountant worked on my 2012 return. When he got to Schedule B of the 1040 and the part that asks about the FBAR, checking the relevant boxes etc., a flag came up. As the FBAR box was checked a new window come up with a populated FBAR form, strange I thought, (as did my accountant), as the FBAR isn’t an IRS form at all. He hypothesised that a soft copy must go to the IRS, presumably to cross reference with the U.S. Treasury. I understand the IRS has some authority with the FBAR, but ultimately it’s a treasury form. Now, if they could just add this to the regular return as indicated, life would be so much easier. Perhaps they will and this was just a test!

I noticed this in Turbotax this year. Even though I said no to all the foreign account questions the program still generated an FBAR form.


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Re: Schedule B and FBAR link?
« Reply #2 on: February 16, 2013, 12:23:56 AM »
I didn't notice the FBAR form when I did my taxes in TT this year, but I was just so pleased that they raised the limit to $100,000 I may not have noticed. I do have a UK bank checking and savings account which has gone over the $10k mark this last 3 years causing me to mail the usual form TD 90.  Last year was a real PITA filing 8938 as my electronic filing was rejected several times and after a couple of weeks I ended up sending in the return by mail.  TT eventually recognized and fixed the problem
Dual USC/UKC living in the UK since May 2016


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