Can a previous year FBAR be amended?

Hello everyone!

I met the threshold for filing FBAR in 2012 and filed it last year.  I am currently preparing my 2013 FBAR and was looking over last years and realised I made a mistake.  I used the average yearly exchange rate rather than the Dec. 31st rate published by the treasury.  The difference isnt huge but I'd like to correct it if I can.  Is it possible to amend the info or do I just resubmit it?  Any info greatly appreciated! 

Hello,

Kudos to you for being so honest and open with your tax obligation!

With regards to your message, you should be able to just re-file last years FBAR when you file this years (both can be done vie the FINCEN e-file system). Just send in two years instead of one.

However, I will mention that the most important part of FBAR is the "disclosure"...not the exact balance of the account. As such, the fact that you already field a timely report, and let them know about your account, satisfies the FBAR requirement. If the actual balance is a bit off, there is no need to worry as you are not taxed on these funds.

In the end the choice is yours, however I think you will be just fine leaving as is and filing correctly moving forward.

Good luck!

Thanks greenbacktax for the quick reply!  I sort of figured a few dollars here or there wouldnt be of consequence.... However I've just noticed I've made another error!  I was in a bit of a panic when I filed last year and rushed through it - hence my overlooking of details.  The account is a joint account with my nonresident alien husband.  In my haste I listed the account as just belonging to me and completely missed the joint account section.  I only noticed this as I was filling in the 2013 form and inputting his info.  I didnt recall doing it last year - because I somehow skipped over it!  I think I've learned my lesson - don't leave these things until the last minute and rush through them!!  I'm hoping that I can just include this info in my amended FBAR! 

I've been filing FBAR for years and it was only last year that I discovered the "official" Treasury Dec 31st rate to use.  I had been using the actual exchange rate from XE.com on the date of my largest balance. This year was the first time I ever used the official Dec 31st rate, but I'm certainly not going to re-file and fix the amounts reported in earlier years.  There is no tax involved so I feel that any differences plus or minus a few hundred are of little or no concern to the Treasury.

An amended FBAR must be filed online using FinCen Form 114 as Form TD F 90-22.1 is now obsolete.