Before you start:
- If Form 1040NR is generated on the client file, Form 114 will not generate. This is due to the filing requirements for Form 114:
- Who must file Form 114 FBAR - A United States person that has a financial interest in or signature authority over foreign financial accounts must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year.
- United States person - United States person means United States citizens (including minor children); United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
- FinCEN Form 114 is no longer supporting the old EF format, which is what Lacerte Tax Year 2016 and earlier provides. Beginning in Tax Year 2018, the 2016 FinCEN Form 114 can be filed through January 2019, after this time the e-filing capability of this form will no longer be available in Lacerte. To e-file these prior year returns, please visit FinCEN.gov.
- Form 114a, Record of Authorization to Electronically File FBARs, is generated when Form 114 is activated AND Federal must be marked for e-file in Screen 1. Signatures of the owner and spouse, if appropriate, are required. Form 114a is not transmitted with the e-filed return. The preparer is required to retain copies of Forms 114 and 114a for five years.
Generating Form 114 in Tax Year 2016 and newer:
- Go to Screen 1, Client Information.
- In the Electronic Returns for E-Filing, check the applicable Federal Form 114 checkbox for Taxpayer and/or Spouse.
- Go to the Foreign Bank Account (Form 114) - General Information screen (you may need to click on the General Information button)
- Screen 82 (Individual)
- Screen 60 (Partnership)
- Screen 73 (Corporate)
- Screen 67 (S Corporate)
- Screen 71 (Fiduciary)
- Screen 80 (Exempt Organization)
- Complete all applicable information on this screen.
- Click on the Foreign Account (if one already exists) or Add from the lower left navigation panel.
- If this information is reported for the spouse, check the Spouse box. Information is Taxpayer by default.
- Enter a 1 or 2 in, Type of account: 1= bank acct, 2= securities acct, or specify
- Enter the Maximum value of account (-1= unknown)
- Complete the Financial Institution information
- Name of institution (Line 1) (MANDATORY for all accounts)
- Mailing address
- Account number
- State (if US, Canada, or Mexico)
- ZIP/ZIP code
- Country (if not US)
- Complete all other applicable information for the Foreign Account
- Click on Add from the left navigation panel to create another Foreign Account (if needed)
Form 114 country codes:
Per the FinCEN XML User Guide, you can find the current code lists in the following places:
- For U.S. address use only the authorized U.S. USPS state, territory, or military address abbreviations found in Publication 28 - Postal Addressing Standards.
- For Canadian provinces and territories, use the Canada Financial Crimes Enforcement Network FinCEN FBAR XML Schema User Guide.
- For Mexican states and territories, use the ISO 3166-2 three-letter codes.
- For all countries use the ISO 3166-1 two-letter country codes found on this webpage.
- Additional information about ISO 3166 codes can be found on the BSA E-Filing Program website.
The ISO 3166-2 country list contains the code “UM” that stands for the United State Minor Outlying Islands. Using “UM” in country fields is prohibited. These islands are uninhabited. As such they have no addresses.