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If both spouses file separate FBARs, must each report the same joint accounts?

Updated

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Short answer

Yes. If both spouses must file and the spousal exception doesn't apply, each spouse reports the full maximum value of every jointly owned foreign account. The same account appears on both FBARs.⁠Source 1⁠Source 2

How the rule works

Joint owners don't divide the account value by ownership share. Two FBARs listing the same joint account are correct, not duplicates.⁠Source 1⁠Source 3

Example

A U.S.-person couple jointly holds a foreign account with a $25,000 maximum. Each spouse also owns a foreign account in their own name, so neither qualifies for the spousal exception and both must file. Each spouse's FBAR includes the joint account at $25,000, not $12,500.⁠Source 1⁠Source 2

What to check

On each FBAR, list the joint account in Part III at its full maximum value and name the other spouse as principal joint owner. Check each spouse's other accounts separately.⁠Source 1

Related questions

Full rules and more examples: Joint accounts, spouses and children

Sources

Official sources used for this page.

  1. Source 1: FinCEN, Reporting Jointly Held Accounts (opens in a new tab)

    Part III instructions, full account values, joint owner count, principal joint owner identity and blank items.

    fincen.govChecked Back to text

  2. Source 2: FinCEN, Filing for Spouse (opens in a new tab)

    Three conditions for reporting jointly owned accounts on one spouse's FBAR and use of Form 114a.

    fincen.govChecked Back to text

  3. Source 3: IRS, Internal Revenue Manual 4.26.16 — FBAR (opens in a new tab)

    Financial interests, signature authority, U.S. residency (including 6013(g)/(h) elections and treaties), family attribution, spousal filing, Form 114a parts and amended-FBAR identifiers.

    irs.govChecked Source updated Back to text