Does Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114 Apply to IRAs or 401k Plans Such as Solo 401k Plans?

Form 114 Solo 401k or IRA

While the  Bank Secrecy Act requires reporting for certain foreign financial accounts to assist the Treasury Department to keep records of accounts by requiring the filing of  a Report of Foreign Bank and Financial Accounts (FBAR) on FinCEN Form 114, it appears that IRAs and 401k plans including solo 401k plans are not subject to this foreign financial account filings. 

See the following language on the IRS website:

https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

Note that 401k plans including solo 401k plans fall under the “retirement plan” umbrella.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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