Form 114 intergrating with Form 8938

[Mordy]

The law is that any TP with a foreign bank, investment or pension account(s) valued at least $10K in the aggregate must file Form 114 and disclose the account and high balances. I prepare tax returns for many foreigners and most of my returns have a 114 (FBAR) included. The 114 is a separate e-file submission to the Treasury Dept.

In addition if the combined value of foreign accounts exceeds $200K for US citizens living in the US and $400K for citizens living abroad a Form 8938 has to be included with the 1040. The 8938 feeds off of the 114 input. The intergration is horrendous to the point that if I have a client with 20 accounts, I usually have to work from a printout of both the FBAR and the 8938 to get the correct items on the 8938.

I work for a firm in addition to my own practice and we use CCH Pro System FX. In CCH there is a table with 30 columns to enter FBAR info and as the columns progress we can enter 8938 info. It is smooth and sensible.

I am requesting a revision of this antiquated data entry process for the FBAR's. It is a major time-waster to get the form correct. The Fbar's entered should also

[Karl]

I completely agree with your thoughts, but This is the wrong place for this. This is a community troubleshooting forum.

You should make a post in the Lacerte Tax Idea Exchange and solicit upvotes from other users to get the Dev Team to look at it.