Does the sum/aggregate of all accounts (of both the spouses) need to be calculated on any single day to determine if they meet the reporting thresholds? Or is the aggregate to be calculated by adding the maximum value of each account in the year i.e. values from different days?
For example, in the below scenario:
Assuming:
a) Reporting threshold of $150,000 (married filing jointly)
b) Account A belongs to me
c) Account B belongs to my spouse
Account A holds $90,000 on 22nd April 2024.
Account B holds $0 on 22nd April 2024.
Account A holds $0 on 1st May 2024.
Account B holds $70,000 on 1st May 2024.
In the above case is the reporting threshold met for 2024? Thanks.
