I think there is a problem with the new Foreign Bank Accounts (FBAR) report

> @Chris_QPW said:
> I might not understand this correctly because I have never had the requirement to file such on my taxes, but a quick read says that need the maximum value of the account in a given year.
>
> Well here is a line from one of my Vanguard IRA accounts:
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> I can certainly guarantee that the value of my account is much larger then zero!
> What is zero, and is true for the whole year is the "cash value".  The securities value isn't being taken into account.

Yes you are correct, there is a problem with the report. However, you only file this report for "Foreign Bank and Financial Accounts" not for your IRA or any US accounts. Foreign Bank and Financial Accounts are those that are located in other countries. Examples of this are bank accounts, and investment accounts in Canada or RRSPs in Canada.

So the issue is this, Quicken's implementation of the FBAR report is only reporting the cash balances of the accounts and not the value of any of the securities or mutual funds etc. This makes this report useless.