FBAR questions: Joint accounts, spouses and children
Filing as a couple, Form 114a, non-U.S. spouses, joint owners and children's accounts.
22 questions
- Can my spouse and I file one FBAR together?Yes, but only under the spousal exception.
- Can spouses file one FBAR if one spouse has signature authority over an employer's foreign account?Not if the spouse with signature authority would be the non-filing spouse and must report the employer account.
- Can we file one FBAR if one spouse has an account in their own name?Yes, if the spouse with the separate account is the one who files.
- Do I report the full joint account balance or only my ownership share?Report the full maximum value of the jointly owned foreign account, not your share.
- Do I report the full value of a jointly owned foreign investment account?Yes.
- Do spouses combine separately owned accounts for the $10,000 FBAR threshold?No.
- Do spouses need Form 114a to file a single FBAR?Yes, when spouses use the spousal exception.
- Does married filing jointly mean we also file our FBAR jointly?No.
- Does my non-U.S. spouse need an FBAR if they have a U.S. Social Security number?Having an SSN doesn't make someone a U.
- Does my non-U.S. spouse need to file an FBAR for our joint account?No.
- Does my non-U.S. spouse need to sign Form 114a?No.
- How many joint owners do I enter on Form 114, and do I count myself?Don't count yourself.
- If both spouses file separate FBARs, must each report the same joint accounts?Yes.
- Is an investment account jointly owned because it was funded from a joint bank account?No.
- Is my spouse's savings account joint because we share a checking account?No.
- Must I report a foreign account shared with my parent if the money is theirs?Yes, if you're a U.
- Must I report foreign accounts owned solely by my non-U.S. spouse?No, not just because you're married.
- Must I report my child's foreign bank account if I'm listed as a parent or guardian?Only if the bank's arrangement gives you a reportable role; being the parent or guardian isn't enough.
- What if I forgot to identify my spouse as a joint owner on a filed FBAR?To correct any detail on a filed FBAR, including a missing joint owner, file a complete new FBAR.
- What if my joint account owner has no U.S. taxpayer identification number?If the joint owner has a U.
- What if my spouse missed an FBAR in a previous year?If your spouse had to file for a prior year and wasn't covered by the spousal exception, they should file the missing FBAR now.
- Who is the principal joint owner when an FBAR account has three or more owners?FinCEN's Part III instructions ask for the identifying information of the principal joint owner other than the filer.