What's the "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section on the Report of Foreign Bank and Financial Accounts form?

The "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section only applies to specific situations, not your individual case. This section is designed for entities (like corporations or partnerships) that are filing a consolidated FBAR on behalf of multiple people who each have signature authority over the same account. Since you mentioned you only have one individual account with $16,400, you do NOT need to complete the consolidated report section. You would simply complete the standard FBAR form (FinCEN Form 114) reporting your single account. Make sure you include all required information for your account: maximum value during the year, account number, financial institution name, and address. The consolidated reporting is primarily meant for corporations, partnerships, and other entities where multiple individuals might have signature authority over the same accounts. If you're just filing for yourself with your own personal account, you can skip that section entirely.

After struggling with my first FBAR filing last year (had accounts in both Japan and Singapore), I discovered taxr.ai at https://taxr.ai and it saved me so much time with my foreign account reporting. The tool walked me through exactly which sections applied to my situation and which didn't. It clarified that the "Consolidated Report" section was only for corporate filers or certain specific situations that didn't apply to me as an individual. Their system actually scanned my foreign bank statements and automatically extracted the highest balances, which was super helpful since I had to convert from foreign currencies. I was especially confused about reporting joint accounts with my non-US spouse, and the tool provided clear guidance on that too.

Just wanted to update after trying taxr.ai for my FBAR filing this year. I was super confused about which sections applied to me with accounts in multiple countries, especially that consolidated reporting section the original poster mentioned. The tool immediately clarified I didn't need that section as an individual filer. The currency conversion feature worked perfectly - I uploaded my Korean bank statements and it automatically detected the won amounts and converted them using the official Treasury rates. It even flagged which month had my highest balance! The guidance was super clear about which accounts needed reporting (I wasn't sure about my small pension account) and which sections to fill out. Saved me at least 3-4 hours of research and calculations compared to last year's filing.

If you're struggling to get answers about your FBAR from the IRS, I feel your pain. I spent WEEKS trying to call them about my foreign accounts situation last year. After 9 attempts and being disconnected every time, I found Claimyr at https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c. They basically hold your place in the IRS phone queue and call you when an agent is about to answer. I was finally able to speak with an actual IRS representative who confirmed that as an individual filer with personal accounts, I didn't need to complete the consolidated report section. The agent explained that section is specifically for corporate filers or entities filing on behalf of others with signature authority. Saved me from potentially filing incorrectly and getting flagged for review.

I have to eat my words about Claimyr. After posting that skeptical comment last week, I decided to give it a shot anyway because I was desperate to talk to someone about my FBAR questions before the filing deadline. Specifically about that consolidated reporting section that confused the original poster. Within 45 minutes of using the service, I was actually talking to a real IRS representative! I've been trying for months to get through on my own. The agent confirmed that as an individual with personal accounts, I don't need to fill out the consolidated reporting section - that's only for corporations, partnerships or people filing on behalf of others. She also clarified some questions I had about reporting joint accounts with my non-US spouse. Honestly, it was worth it just to stop stressing about whether I was filling out the form correctly.

Just a quick tip that helped me with FBAR filings - if you're using specialized tax software like TurboTax or H&R Block, they typically don't include FBAR filing since it's not technically a tax form (it's a FinCEN form, not an IRS form). You have to file it separately through the BSA E-Filing System at https://bsaefiling.fincen.treas.gov/main.html For the original question, as others have stated, the consolidated reporting section isn't applicable for individual filers with personal accounts. That section is for entities filing on behalf of individuals who have signature authority but no financial interest in the accounts.

I made a big mistake with my FBAR last year thinking I needed to fill out that consolidated section because I had multiple accounts. Ended up getting a notice from FinCEN asking for clarification. Just to be super clear for everyone: 1. Individual filers with personal accounts (even multiple accounts in different countries) DO NOT use the consolidated section 2. The consolidated section is for corporate filers or situations where you're filing on behalf of others 3. Even if you have 10 different personal accounts, you list them all individually on one FBAR form Don't overthink it like I did! The form seems complicated but for most individuals it's pretty straightforward once you understand which parts apply to you.

For those wondering about deadlines: The FBAR (FinCEN Form 114) is due April 15, but there's an automatic extension to October 15 every year. You don't need to request this extension - it's automatic. Just sharing since I panicked unnecessarily last year thinking I had missed the deadline! And to echo what others have said, the "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section isn't applicable for individual account holders. File your FBAR, report your individual account(s), and you're good to go.

Just wanted to add some clarity for anyone else who might be confused about this section. I work as a tax preparer and see this question come up frequently with clients who have foreign accounts. The "Information on Financial Account(s) Where Filer is Filing a Consolidated Report" section is specifically for entities (corporations, partnerships, LLCs) that are filing a single FBAR on behalf of multiple individuals who have signature authority over the same accounts. For example, if a company has 5 officers who all have signature authority on the same corporate bank account in Switzerland, the company could file one consolidated FBAR instead of each officer filing separately. Since you mentioned you're an individual with your own personal account, this section definitely doesn't apply to you. You would simply complete the regular FBAR form reporting your single account with the maximum value, account details, and bank information. The key thing to remember is that even though the form looks complex, most individual filers only need to complete the basic account information sections. Don't let the corporate/entity sections confuse you - they're not relevant to personal account holders like yourself.