Wife is Japanese with green card. We live in the states and will file jointly. She has japanese savings accounts. Do I report savings accounts and interest?
What amounts do I need to report?
I have looked at forms 3520,Foreign trust or gift, form 3520 A foreign trust with us owner, 5471 us per respect with foreign cooperation,
form 8621 return of shareholder passive income, and form 8865 us partner with foreign partnership..........None seem to apply.
form 8938 may apply but not sure. over what amount? wife has 2 savings accounts at japanese banks. Does tax treaty come into effect and no reporting necessary?
Appreciate any help.
You'll need to sign in or create an account to connect with an expert.
Depending on the amounts (in US dollars) in the accounts last year, your spouse may need to file Form 8938 and/or FinCen 114. The other forms you mention in your question are not relevant to your situation.
Please follow this link for more information. https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ericalynnramos
New Member
fcbdc
Returning Member
anzelino-nick
New Member
HafiezBaig
New Member
papaluong
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.