Which forms are required for reporting a foreign bank account?

The requirement to report a foreign bank account is captured by the use of specific forms mandated by the IRS. Form 114, commonly known as the Foreign Bank Account Report (FBAR), is explicitly required for U.S. citizens, residents, and certain non-residents to report their foreign bank accounts if the aggregate value exceeds $10,000 at any time during the calendar year. This report is typically filed electronically through the Financial Crimes Enforcement Network (FinCEN) and is separate from income tax returns.

Form 8938, on the other hand, is part of the provisions set out by the Foreign Account Tax Compliance Act (FATCA). It is required for taxpayers who have specified foreign financial assets that exceed certain thresholds. This form is attached to the taxpayer's annual income tax return and provides further information regarding the foreign assets held.

Together, these forms ensure compliance with federal regulations concerning the reporting of foreign financial holdings, aiming to prevent tax evasion and ensure transparency.

The other options presented do not include the correct forms required for reporting foreign bank accounts. Forms such as 1040, 1099, W-2, and 1042 relate to different aspects of income reporting or taxation and do not serve the purpose of foreign bank account