Form 114 and foreign wages

Forum|Forum|6 years ago
February 22, 2020
7 replies
40 views

I have entered information for Form 8938 identifying all the foreign accounts, but don't see how to "activate" this for e-filing Form 114.

ProSeries Professional

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itonewbie

Level 15

Are you trying to file FBAR or FATCA? F.8938 for FATCA is to be filed with the 1040 and it has much higher thresholds (yes, plural, because that depends on both the taxpayer's filing status and whether he/she resides overseas) for filing than FinCEN 114 for FBAR, which is only $10k. Unlike FATCA, FBAR is to be filed separately with FinCEN. The types of accounts, assets, and level of details reportable on F.8938 and FinCEN 114 are also different even though there are some overlaps.

The issue you have with EIN is separate from FBAR/FATCA. If your client is not employed by a US employer and has no W-2, you need to indicate in your input for wages that it was a foreign employer and services were not performed while resident in the US. Sorry I can't be more precise since I don't use PS.

---------------------------------------------------------------------------------Still an AllStar

R

Richard WAuthor

Level 3

Thanks - I figured out the wages issue. Its has to be entered on the 8863 worksheet and select to carry forward as wages to the 1040.

As for foreign assets, my client lives overseas and has over 181,000 (US) in banks over there. In the past we filed Form 114 through the tax software (I just switched to Proseries this year). Interestingly, there is simply a box to check for this on the business input forms, but I can't find anything in the individual form inputs.

UPDATE - found the box to check to file Form 114 Electronically... but I don't actually see the Form in the form list...

L

LG-CPA

Level 4

Follow these steps:

Open client in ProSeries
In the File menu, select "Go to Foreign Bank Reporting Form 114"

I use pay-by-return, so there is an extra charge ($6 plus tax). Not sure if it is included in the unlimited versions.

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