Need help with FBAR filing - what's the "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section for?
I'm working on my FBAR (Report of Foreign Bank and Financial Accounts) and got confused about one section. I only have a single overseas account with about $12,000 in it, but there's this section called "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" and I'm not sure if I need to fill it out. It's just my personal account in another country where I worked for a while. Do I need to complete that consolidated report section even though it's just one individual account? First time filing this and I don't want to mess it up and get flagged. Thanks for any help!
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Brianna Schmidt
That section of the FBAR is only applicable if you're filing a consolidated report. Since you only have one individual account with $12,000, you don't need to complete that section. The "Consolidated Report" section is specifically for filers who are reporting foreign financial accounts on behalf of multiple entities. For example, if a parent corporation is filing on behalf of multiple subsidiaries, they would use that section to identify which accounts belong to which entities. For your situation with just a single personal account, you'll only need to complete the sections about your personal information and the details of that one account (account number, financial institution, maximum value, etc.). Just make sure you accurately report the maximum value your account reached during the calendar year.
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Alexis Renard
•So just to be clear, an individual NEVER needs to worry about the consolidated report section? I have 3 different accounts (all mine) in different countries. Do I still skip that section?
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Brianna Schmidt
•You're correct that most individuals don't need to worry about the consolidated report section, but there's an important distinction. Having multiple accounts yourself doesn't make it a consolidated report - you'd just list all three of your personal accounts separately in the same FBAR filing. A consolidated report is specifically when one entity (like a corporation, partnership, or trust) is filing on behalf of other entities that have a financial interest in foreign accounts. Since you're just reporting your own personal accounts, you won't need to use the consolidated reporting section even with multiple accounts in different countries.
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Camila Jordan
I went through this same confusion last year! Ended up using https://taxr.ai to analyze my FBAR form before submitting, and it saved me from making an error. I thought I needed that consolidated section too because I had multiple accounts but the system flagged that I was filling out the wrong parts based on my situation. The tool reviews your tax docs and tells you where you might have issues before submitting. It caught a few other things I would have missed too - like making sure the account numbers matched exactly how the foreign bank formats them. Definitely worth checking out if you're unsure about FBAR requirements.
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Tyler Lefleur
•Does it work for overseas accounts that use different languages? My bank statements from my account in Taiwan are all in Chinese and I'm worried about translating account information incorrectly.
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Madeline Blaze
•I'm skeptical of these online tools. How do you know it's giving accurate advice for international tax reporting? The penalties for FBAR mistakes are insanely high so I'm nervous about relying on anything but a professional.
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Camila Jordan
•It actually handles foreign language documents really well - you can upload the statements as they are and the system can extract the relevant information. It's designed to work with documents from different countries and recognizes account information even in other languages. As for accuracy, I was skeptical too initially, but it compares your documents against the actual FBAR filing requirements from FinCEN. The analysis is based on the official guidelines, and it shows you exactly where your submission might not match those requirements. I also had my accountant review the results and he was impressed with how thorough it was.
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Madeline Blaze
Just wanted to follow up - I decided to try taxr.ai after my last comment and I'm genuinely impressed. I uploaded my Chinese bank statements and it correctly identified all the account information, balances, and even helped convert the currency properly. It pointed out that I had been calculating my maximum balance incorrectly for years (was using the year-end balance instead of the highest point during the year). Definitely saved me from potential issues with my FBAR filing!
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Max Knight
For anyone still struggling with FBAR questions, I highly recommend using Claimyr (https://claimyr.com) to actually speak with the IRS/FinCEN directly about your specific situation. I waited on hold forever trying to get through the normal channels, but Claimyr got me connected to an agent in less than 15 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c The agent I spoke with confirmed that for individual accounts under $10,000 each (but totaling over $10,000 combined), you definitely don't use the consolidated reporting section - that's only for corporate entities filing on behalf of other entities. Saved me hours of research and worry!
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Emma Swift
•How exactly does this work? Do they just call the IRS for you? Couldn't you do that yourself? Seems weird that someone else could get through faster.
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Isabella Tucker
•Yeah right. The IRS barely answers their own phones. I've literally spent DAYS trying to get through to them about FBAR issues. There's no way some service can magically get you to the front of the line.
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Max Knight
•They use a system that navigates through the IRS phone tree and waits on hold for you. When an agent actually picks up, you get a call connecting you directly to that person. So yes, theoretically you could do it yourself, but you'd have to stay on the line for potentially hours. I was definitely skeptical too! I had already tried calling multiple times and kept getting disconnected after waiting 1+ hours. Their system somehow maintains the connection and doesn't get bumped out of the queue like I did when calling directly. I don't know exactly how their technology works, but I was connected to a real IRS agent who answered my FBAR questions in detail.
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Isabella Tucker
I have to eat my words. After my skeptical comment, I tried Claimyr out of desperation because I needed clarification before the FBAR deadline. Got connected to a FinCEN specialist in about 20 minutes who confirmed I don't need the consolidated section for my accounts and also helped me understand how to properly report accounts where I have signature authority but no financial interest. Would have taken me days to get that information otherwise.
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Jayden Hill
So for the FBAR, just to make sure I understand - if I have a joint account with my spouse who's a non-US person, do I report 100% of the account value or just 50%? And does the consolidated section come into play there at all?
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LordCommander
•You report 100% of the joint account value, not just your "share." The FBAR rules require reporting the full value of any account you have a financial interest in or signature authority over, regardless of ownership percentage. And no, the consolidated section still wouldn't apply to your situation - that's for corporate/entity reporting structures.
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Brianna Schmidt
•The previous commenter is correct about reporting 100% of the joint account value. Just to add some clarity about the consolidated reporting section specifically - that section is ONLY used when a parent entity (like a corporation) is filing an FBAR that includes accounts owned by subsidiary entities. For individual filers like yourself with joint accounts, you simply report the full account value in the regular financial accounts section, not in the consolidated reporting section. Make sure you check "joint" where it asks about the type of account ownership.
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Lucy Lam
I see all these comments about not needing consolidated reporting, but I'm in a weird situation. I have power of attorney for my elderly parent and file FBAR for their foreign accounts plus my own. Would I use the consolidated reporting section then?
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Brianna Schmidt
•No, you would actually file two separate FBARs in that situation. One for yourself reporting your own accounts, and a second FBAR as the preparer on behalf of your parent reporting their accounts. The consolidated reporting section still wouldn't apply here. The consolidated section is specifically for corporate structures where one entity has a financial interest in multiple other entities' accounts. For individuals with power of attorney, you're just filing as a representative of another individual, not consolidating multiple entities into one report.
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Ava Rodriguez
Thanks everyone for the detailed explanations! This really clears up my confusion. I was overthinking it because the form looked so complicated, but it sounds like for my simple situation with just one personal account, I can skip that consolidated section entirely and just focus on accurately reporting my account details and maximum balance. Really appreciate all the specific examples too - helps to see how the consolidated section actually works for corporate situations versus individual filers like me. Time to finish this FBAR without stressing about sections that don't apply to my situation!
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Javier Mendoza
•You're absolutely right to feel relieved! I just went through this same process last month and had the exact same confusion about that consolidated section. It's one of those forms that looks way more complicated than it actually is for most individual filers. One small tip since you mentioned wanting to accurately report your maximum balance - make sure you're checking your account balance at least monthly throughout the year, not just at year-end. The maximum value requirement can catch people off guard if their account had a big spike at some point during the year that they forgot about. Good luck with your filing!
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Ethan Moore
Just wanted to add my experience as someone who's been filing FBARs for several years now. The consolidated reporting section confusion is super common - I remember staring at that section for like an hour my first time filing, convinced I was missing something important! For individual filers, you really can ignore that entire section. I've had anywhere from 1-4 foreign accounts over the years (personal savings, checking, and investment accounts in different countries due to work relocations), and I've never once needed to touch the consolidated section. The key thing to remember is that as an individual, you're just reporting YOUR accounts - even if you have multiple accounts, you're still just one person filing one FBAR. The consolidated section is really designed for complex business structures where one company is reporting on behalf of multiple subsidiaries or related entities. Focus on getting your account details right (especially those account numbers - foreign banks format them weirdly sometimes) and calculating your maximum balances correctly throughout the year. That's where the real work is for individual filers like us!
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