Do I need to report bank accounts I have overseas? I share the bank account with my family overseas. They will be taking money in and out of that bank account.

[leungeh]

I have no overseas income.  I will rarely use the overseas bank account.  I only have access incase my elderly family members need help with online banking etc.

[Vanessa A · Accepted solution]

It depends.  If you are a US Citizen or US resident for tax purposes and filing a US tax return, you must report overseas bank accounts that your name is on or you have the ability to withdraw money from, even if you are not the one taking money out of it, if at any time during the year, the account has more than $10,000 in it.  To file a FBAR (Report of Foreign Bank and Financial Accounts form) you will need to do it the the government website, this cannot be done through TurboTax. 

Depending on your exact situation you may also need to file form 8938.  You can do this in TurboTax by selecting the following:

• Federal
• Income
• Interest and Dividends
• Start next to 1099-OID, Foreign Accounts
• Miscellaneous Investment Income

[leungeh]

Thank you Venessa for your answer!  I am a US resident, and I meet the thresholds to have to file Form 8938.  Follow up question; how do I calculate how much I will be taxed on the foreign assets reported in From 8938?  (I've read that the FBAR is just a disclosure so I will not be taxed due to the FBAR).

[AbrahamT]

The FBAR requirements are strictly a reporting requirement only. The same holds true with 8938 requirements as well. There are never any taxes due on the amounts that are reported for these purposes.