Electronic filing guidelines for 1040 Screens 114 and FrgnAcct

Alerts and notices

FinCEN (Financial Crimes Enforcement Network) Form 114 is filed electronically through the BSA (Bank Secrecy Act) E-Filing System. You must follow specific guidelines to avoid the BSA E-Filing System rejecting Form 114.

  • The filer's date of birth is required in Screen 1040 in the General folder.
  • The preparer's name must be entered in the Setup > Office Configuration > Preparers tab. If the preparer name has a suffix (for example, "Jr." or "CPA," enter a comma and a space after the last name, and then enter the suffix. Use only prefixes Mr., Mrs., Ms., or Miss. Following these guidelines ensures that UltraTax CS can correctly transfer the information to the appropriate name fields on FinCEN Forms 114 and 114a.
  • The following fields must be completed in Screen 114 in the Foreign Bank & Asset folder.
    • Signature date: The signature date cannot be a date in the future.
    • Foreign identification: Enter data if the taxpayer or spouse does not have a Social Security Number.
    • Mexico state: Enter data if the taxpayer's home address is in Mexico.
    • Amended or late filed form: Enter data if Form 114 is being amended or is filed late.
    • BSA Identifier: Enter data if Form 114 is being amended.
  • Once the BSA E-Filing System accepts Form 114, UltraTax CS automatically enters X in the FinCEN Form 114 has already been filed field. Do not clear this field.
  • If you need to re-file Form 114, enter M in the Amended or late filed form field.
  • If the filer has a financial interest in all accounts and there are 25 or more accounts, enter data in the Number of foreign accounts filer has financial interest in, if 25 or more (Force) field. If you enter data in this field, no data is required in Screen FrgnAcct; however, you can still enter account information in Screen FrgnAcct, if desired.
  • When reporting information for accounts that are owned separately, the following fields must be completed in Screen FrgnAcct.
    • Type of Account
    • Account number or other designation: UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
    • Financial institution in which account is held
    • Address of financial institution
    • Foreign country code and Country: The address cannot be in the United States.
    • For addresses in Mexico, enter state: Enter data if the financial institution address is in Mexico.
    • For Foreign country code "OC", enter country: Enter data if the financial institution address Foreign country code is "OC" for Other Country.
    • Information reported for financial account
  • When reporting information for accounts that are owned jointly, the following fields must be completed in Screen FrgnAcct.
    • Type of Account
    • Account number or other designation: UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
    • Financial institution in which account is held
    • Address of financial institution
    • Foreign country code and Country: The address cannot be in the United States.
    • For addresses in Mexico, enter state: Enter data if the financial institution address is in Mexico.
    • For Foreign country code "OC", enter country: Enter data if the financial institution address Foreign county code is "OC" for Other Country.
    • Enter data for either of the following:
      • Account jointly owned with spouse field or
      • Identifying information for joint owner
    • Information reported for financial account
  • When reporting information for accounts for which the filer has authority but no financial interest, the following fields must be completed in Screen FrgnAcct if there are less than 25 accounts.
    • Type of Account
    • Account number or other designation: UltraTax CS removes spaces and dashes when printing the form or when creating the electronic file.
    • Financial institution in which account is held
    • Address of financial institution
    • Foreign country code and Country
    • For addresses in Mexico, enter state: Enter data if the financial institution address is in Mexico.
    • For Foreign country code "OC", enter country: Enter data if the financial institution address Foreign country code is "OC" for Other Country.
    • Information reported for financial account
    • Identifying information for account holder
  • The following entries are not allowed in any field.
    • AKA
    • NOT APPLICABLE
    • SEE ABOVE
    • COMPUTER GENERATED
    • NON CUSTOMER
    • SIGNATURE CARD
    • CUSTOMER
    • OTHER
    • UNKNOWN
    • DBA
    • SAME
    • VARIOUS
    • NONE
    • SAME AS ABOVE
    • XX