# Amending FBAR Question, Please Help



## P123

Hi all,

I just submitted my 2015 FBAR and while filling out the form I began to suspect that I may have accidentally filled it out wrong last year (2014).

For this year I correctly used the Treasury Dept's end of year exchange rate (Euros to Dollars) to convert my Euros to Dollars.

However, I fear I may have accidentally only put in my Euro amount last year on my FBAR and not converted it to Dollars.

Do I amend? Or is there a way to find out if I did in fact put in the Euro amount and not converted it?

I still have the BSAE Filing Receipt number so maybe there is a way to access the info that way? I have not found any info online..

All help greatly appreciated!


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## Bevdeforges

You can amend if you want to, but the fact that you've filed this year's FBAR correctly for 2015 should be sufficient. So far it appears they don't actually use the balance you report for much of anything - unless there is some problem with your income tax returns. But if it helps you sleep better at night, do what you have to do.
Cheers,
Bev


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## P123

Thanks for your reply Bev. On a side note, the currency rate I used for my 2015 FBAR conversion was the Treasury Dept's 12/31/2014.

I was a little confused because the IRS website also has a currency conversion table with past years euro to dollar rates but the rates differed a bit from the Treasury Dept.

Am I correct in using the Treasury website for FBAR and 8938 currency conversion?

Thanks!


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## iota2014

If you do decide to amend, you do it by submitting a new FBAR for that year, ticking the "Amend" box. You then get asked for the BSAE Identifier of the previously-submitted FBAR.

It doesn't bring up the previously-submitted data. If you didn't save an editable copy when you did it the first time, you have to fill everything in again. :-(


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## P123

Thanks Iota. Do you know about the currency conversion? Am I right in using the Treasury Dept conversion for Fbar and 8938?


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## iota2014

The FBAR instructions at https://www.fincen.gov/forms/files/FBAR Line Item Filing Instructions.pdf say:


>  Convert foreign currency by using the Treasury's Financial Management Service rate (The Treasury Reporting Rates of Exchange Pages Have Moved) for the last day of the calendar year


I can't remember what rate I used for the FBARs. I don't think it really matters much, as Bev said. I just made sure I was overstating rather than understating. I didn't need to file 8938 so don't know about that one.


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## Bevdeforges

Generally speaking, you're safe in using any standard, published exchange rate. The IRS ones are averages over the year, the Treasury one is usually at Dec 31st. I often use the published rates from one of the FX services - or for the euro, the rate really doesn't change by that much over the year. 

If you "round up" (as I do, usually by a few thousand $$) it doesn't really matter what rate you use. (There's no penalty for over reporting - and so far I haven't heard of any penalty for under-reporting.)
Cheers,
Bev


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## P123

Bevdeforges said:


> You can amend if you want to, but the fact that you've filed this year's FBAR correctly for 2015 should be sufficient. So far it appears they don't actually use the balance you report for much of anything - unless there is some problem with your income tax returns. But if it helps you sleep better at night, do what you have to do.
> Cheers,
> Bev


Thanks Bev for your reply. I'd like to figure out if I did in fact file properly last year. Is there a way to find out? I don't want to amend based on my poor memory alone. I think I may not have converted Euro to Dollars but I am not sure. Is there a method to contact the Treasury to find out what was reported?

Thanks


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## ForeignBody

Philipp123 said:


> Thanks Bev for your reply. I'd like to figure out if I did in fact file properly last year. Is there a way to find out? I don't want to amend based on my poor memory alone. I think I may not have converted Euro to Dollars but I am not sure. Is there a method to contact the Treasury to find out what was reported?
> 
> Thanks


You know that you have filed correctly for 2015 so, personally, I would not bother about 2014.

If, for your peace of mind, you want to be sure 2014 is correct it would be far easier and quicker to just re-file, rather than trying to find out from the Treasury what you did. The instructions are to use the Treasury Rate of Exchange for December 31 of the year you are reporting.

Remember for the future to keep an electronic or hard copy of what you filed.


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## P123

ForeignBody said:


> You know that you have filed correctly for 2015 so, personally, I would not bother about 2014.
> 
> If, for your peace of mind, you want to be sure 2014 is correct it would be far easier and quicker to just re-file, rather than trying to find out from the Treasury what you did. The instructions are to use the Treasury Rate of Exchange for December 31 of the year you are reporting.
> 
> Remember for the future to keep an electronic or hard copy of what you filed.


Just curious--you write if I filed correctly for 2015 I should not worry about 2014. Is there a specific reason why?


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## ForeignBody

Philipp123 said:


> Just curious--you write if I filed correctly for 2015 I should not worry about 2014. Is there a specific reason why?


Just my personal feeling that the record is correct now that 2015 is done and if they came back to me about 2014 I would react along the lines of "Oh goodness" I must have failed to convert to USD".


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