# Fbar amend?



## serenaismusing

Hello,

I am pretty new to this forum, and pretty new to filing...and already i have made a mistake. If anyone can advise what i should do next that would be amazing!

This is the first time I have tried to do an Fbar for a single year (2015) - last time i did the streamlined filing for all 6 years. I think i have misunderstood the instructions for which accounts you need to include....I thought you only needed to provide details for any account with more than $10,000 at any time in the year. But having pressed the submit button i now read it says 'aggregate value' $10,000 - so does that mean all of my foreign bank accounts as the total adds up to more than $10,000? I have a further 3 accounts i use and didn't include in my original submission - none have a lot of money but it does mean there is a further $10k i currently haven't accounted for

if the later is the case - i'm not sure what to do next. I have had the confirmation email to say my submission has been accepted. Do i need to wait for the BSA ID number and then try to amend - is it important i do that? and is it just a case of submitted a new form and clicking the amended box? :confused2:

If anyone can help i'd be so grateful!


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## Bevdeforges

serenaismusing said:


> But having pressed the submit button i now read it says 'aggregate value' $10,000 - so does that mean all of my foreign bank accounts as the total adds up to more than $10,000?


Basically, this is correct - if the total of all your foreign accounts exceeds $10,000 (in max balance during the year) then you are supposed to report all foreign accounts.



> if the later is the case - i'm not sure what to do next. I have had the confirmation email to say my submission has been accepted. Do i need to wait for the BSA ID number and then try to amend - is it important i do that? and is it just a case of submitted a new form and clicking the amended box? :confused2:


If you filed as an individual, I would just re-file and click on the "amended" box. Simple mistake/omission and one that zillions of people have made. (It's why that have that "amended" box in the first place.)
Cheers,
Bev


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## serenaismusing

Hi Bev, thank you so much for your reply. I feel so silly i managed to get this one wrong - fbar seems like the easiest bit of this whole process!

I'll wait for the BSA id in a couple of days and submit an amended form.

Thanks again


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## BBCWatcher

Yes, that's how you do it. I think you need the final BSA number after all processing on your initial submission has been completed. That takes a couple days. Then you can go back in and file an amended report. You have plenty of time to do all that before the June 30, 2016, deadline for your 2015 report. I had to file an amended report one year, and it worked.

While you're waiting, how about reading through the line item instructions for that form (or re-reading them)? You might have missed something else.


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## AmInUK

BBCWatcher said:


> Yes, that's how you do it. I think you need the final BSA number after all processing on your initial submission has been completed. That takes a couple days. Then you can go back in and file an amended report. You have plenty of time to do all that before the June 30, 2016, deadline for your 2015 report. I had to file an amended report one year, and it worked.
> 
> While you're waiting, how about reading through the line item instructions for that form (or re-reading them)? You might have missed something else.


Do you know it there is a fine for amending an FBAR you previously filed? For example, say you filed a 2013 FBAR with all your accounts, but then you noticed you left a small account off. If you amend the 2013 FBAR today (in 2016) will you be fined?


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## BBCWatcher

We haven't heard of such reports, no.


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## txiriondo

Bevdeforges said:


> Basically, this is correct - if the total of all your foreign accounts exceeds $10,000 (in max balance during the year) then you are supposed to report all foreign accounts.
> 
> 
> If you filed as an individual, I would just re-file and click on the "amended" box. Simple mistake/omission and one that zillions of people have made. (It's why that have that "amended" box in the first place.)
> Cheers,
> Bev


If you amend an FBAR of a previous year, in addition to including the additional information and clicking the "amended" box, do you have to give any explanation for your error? There is no window to include any comment, is there?


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## Bevdeforges

txiriondo said:


> If you amend an FBAR of a previous year, in addition to including the additional information and clicking the "amended" box, do you have to give any explanation for your error? There is no window to include any comment, is there?


In order to "correct" a previously filed FBAR you also need the BSA identifying number that they sent you when acknowledging receipt of your submission. If you don't have that, you might as well just wait to hear from them (should they notice anything).

I believe they do ask you to explain the "correction" - I think it's on the first page of the FBAR (where they ask you for the BSA number in the case that it's a correction you're filing). 
Cheers,
Bev


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## txiriondo

Thanks for the reply. On the first page of the FBAR you can select the reason for filing late. The last one allows you to provide a free text explanation. I was wondering if amending the FBAR implies "filing late" and, therefore, one should use this free text window to provide the explanation.


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## Moulard

There is no reason to enter a reason for amending.

Per the instructions....

Amended reports: 

If you filed your FBAR through the BSA E-Filing website and you need to amend your FBAR to correct any information, please fill out a new FBAR completely and check the Amend box in Item 1. You will need to provide your Prior Report BSA Identifier after selecting the Amend box. Your Prior Report BSA Identifier was provided to you either through email or via the BSA E-Filing System’s secure messaging feature. If your Prior Report BSA Identifier is not known, please enter 00000000000000 in the Prior Report BSA Identifier field.


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## txiriondo

Great, thanks!


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