Generating Form 114a for Account Jointly Owned by Spouses in Lacerte

How do I generate Form 114a with both Taxpayer and Spouse information?

Solution:

To generate Form 114a lines 1-3 for Taxpayer and lines 4-6 for Spouse when accounts are jointly owned:

1. Go to Screen 1, Client Information
2.  In the Electronic Return section, check the box for Federal Form 114 (Taxpayer)
3. Go to Screen 82.1, Foreign Bank Account (Form 114)
4. From the left-hand navigation, in the Account box, click on the number 1
5. Enter the information required for Form 114
6. Enter a -1 in Number of joint owners (MANDATORY for Part III accounts) (-1 if joint owner is joint filer) (This entry will trigger the 114a for Spouse, line 4-6.)

Lacerte will produce a Form 114 with Part III, Information on financial accounts(s) owned jointly, as well as form 114a with Part I, lines 4-6 completed with the Spouse's information.  Form 114a must be signed by both Taxpayer and Spouse and retained for your records.

Per the 114a instructions,

"Accounts Jointly Owned by Spouses (see exceptions in the FBAR instructions)

If the account owner is filing an FBAR jointly with his/her spouse, the spouse must also complete Part I, items 4 through 6. The spouse must also sign and date the report in items 11/12, and complete items 13 and 14..."

Related Articles:

• Individual Diagnostic Invalid Setup: Form 114 for the Spouse (Ref. #40376)
• Individual Form 114, Part III- Accounts Owned Jointly (Spouse) (Previously TDF 90-22.1)