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FBAR is another name for FinCEN Form 114 (formerly called the Report of Foreign Bank and Financial Accounts), and is used to report foreign financial accounts that held a combined amount of $10,000 or more at any point during the calendar year.
Completing the Form 114a with both spouses signing the form completes the necessary requirement that will permit one spouse to electronically sign (PIN) a single report for both parties instead of filing two FBARs. The Form 114a is available on the FinCEN (under the forms tab) and BSA E-File websites.
The FinCEN Report 114 documents a taxpayer's foreign financial accounts when the aggregate value in those accounts exceeds $10,000. The Financial Crimes and Enforcement Network (FinCEN) requires you provide this information as part of your reporting obligations as an expat.
Who Must File FinCEN Form 114? Any US person who has an interest in or signature authority over a foreign financial account will be impacted. If the cumulative value of ALL of your foreign accounts is $10,000 or more at any point during the year you will need to file the FBAR.
Open the Federal Information Worksheet. Scroll down to Part VI, Electronic Filing of Tax Return Information. Mark the checkbox labeled Electronic Filing of Form 114: File Form 114 Report of Foreign Bank and Financial Accounts (FBAR) electronically. From File menu, select Go to Foreign Bank Reporting Form 114.