I'm about to file my 2016 taxes and looking back over the last few years of submissions, I see that I did not fill in Schedule B, Part III - Foreign Accounts and Trust.
I've read about the penalties with FBAR and not disclosing, but in my case I put nothing in Box 7a or 7b but for Box 8 I put in 'No'.
Box 7a should have been 'Yes' for having an account, but 'No' for requiring a FinCen Form 114. (not over $10K US for the year).
For all the other years I checked (2012, 2013, 2015) it was checked correctly similar to above ('Yes', 'No', 'No').
1. Do I have to send in some kind of corrected Schedule B just to mark 7a 'Yes' and then 'No' to stop a penalty of some kind? I would have thought it would be obvious with years before and now 2016 after having the checks correctly but just want to be sure it's not 'fine-able'.
2. Is this something not worth doing as it raises some kind of flag and there's no fine anyway?
3. Also, if required, does that have to be done before submitting my 2016 taxes or can it be done after the 2016 submission?
missed 2 check boxes on 2015 taxes on schedule B
Moderator: Mark T Serbinski CA CPA
As long as you acted correctly in terms of FBAR, I would not bother correcting.
AS a reminder, FBAR is required if at any tiem during the year the SUM in ALL your foreign accounts did not exceed $10K.
AS a reminder, FBAR is required if at any tiem during the year the SUM in ALL your foreign accounts did not exceed $10K.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 