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I don't understand why I can't E-file an FBAR (Form 114) with an account with a zero balance. Zero balance accounts needs to be reported, so why does it prevent you?

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Level 15

Agree with you that account with zero balance could be reportable for FBAR purposes.  Could you please provide more facts and explain what you meant when you say PTO prevent you from filing the FBAR?

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Still an AllStar

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Level 15

Agree with you that account with zero balance could be reportable for FBAR purposes.  Could you please provide more facts and explain what you meant when you say PTO prevent you from filing the FBAR?

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Still an AllStar

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PTO Gives you a critical diagnostic that prevents E-filing if you enter an FBAR Account with a zero balance
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Level 15
So long as the taxpayer has an obligation to report because of the other accounts, just check off the diagnostic to ignore it.
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Still an AllStar
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Level 15
Round up to one dollar?
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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It actually is a diagnostic you can't check off to ignore, and customer support told me that it would get rejected apparently...

I'm inclined to just round it up to one dollar, but that's not actually accurate.
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Level 15
@Intuit Austin Could you please take a look at this?  I know my clients wouldn't like to indicate a dollar when the maximum balance is actually zero, regardless of whether there is any impact.
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Still an AllStar
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Level 15
Yeah that dollar is way overstating a zero balance account ------------------- half of America is going to be up all night worrying about that major overstatement :worried::worried:
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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@IRonMaN  The problem is that FBAR's carry a steep $10,000 minimum penalty, so it's not really something you want to mess with at all....
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Level 15
$10,000 penalty because of a $1 difference?
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 15
No, $1 doesn't make a difference but some clients are sticklers and question why the professional products we use can't even do something as simple as what what they amateur software can do.
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Still an AllStar
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Level 15
@bradschumann3 The chance of this happening in reality is getting slimmer and slimmer.  In the age of FATCA and CRS, most banks will probably close inactive accounts with zero balance after a reasonable period unless these are sub-accounts, in which case, those would generally be reportable under the main account and do not need to be separately stated.
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Still an AllStar
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@itonewbie I'm taking a look into this.

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Level 15
Thank you, Austin!
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Still an AllStar
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@Intuit Austin any update on this? Kind of important.
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Lacerete too. Any updates on reporting $0 balance account? I am not able to print return w/ critical diagnostic.  Solution for #2049917 did not work either.
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