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H Robin, I'm filing an FBAR myself and my wife. She is a US citizen and I'…

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H Robin, I'm filing an...
H Robin, I'm filing an FBAR for my myself and my wife. She is a US citizen and I'm a US permanent resident. I am a UK citizen and we live in the UK. We have 4 UK bank accounts (with more than $10,000 aggregate) and I am reporting all of them. Two are checking, two savings. All were mine from before we were married. My spouse has since been added to one of the checking accounts, so that's our joint checking. I am therefore trying to report all our accounts on the same FBAR, with her listed as the joint owner of that specific account. However, I am confused whether I need to file a separate FBAR for her, covering the other three accounts? She does not have signatory authority over them but we both place some of our earnings into the savings account, so does that technically mean she has an "interest" in that account, even if she has no signature authority? It's an unnecessarily confusing system and could be way easier, I feel! For the record we have completed Form 114a. Thank you!
Submitted: 3 years ago.Category: Tax
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6/25/2015
Tax Professional: Barbara, Enrolled Agent replied 3 years ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,665
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** it will be my pleasure to assist you with your tax question today.
The criteria for FBAR is if an account is maintained in the name of two persons jointly, or if several persons each own a partial interest in an account, each of those United States persons has a financial interest in that account and, generally, each person must file the FBAR. Under the individual reporting requirement, persons who file a joint tax return must file separate FBARs. In the past however, FinCEN has accepted a single FBAR for an account jointly held by husband and wife. The IRS is continuing this practice.
Please let me know if you require further information or clarification.
Thank you and best regards,
Barb
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Tax Professional: Barbara, Enrolled Agent replied 3 years ago
Hi, Thomas.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here at your convenience, and I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you.
Best regards,
Barb
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