What if my wife has only 1 joint account with me with a value of $0, does she need to file FBAR even though my own aggregated accounts above $10K because we filed joint tax return. If the only person that needs to file FBAR is me, in that case, do I need to list her name while filling FBAR online under Item 25? or that is only the ones who have joint accounts above $10K value account and want to file a single FBAR? Based on this information below, I think I am the only one who needs to file FBAR and for the joint account, I do not need to list her details under Item 25. Correct?
The spouse of an individual who files an FBAR is not required to file a separate FBAR if the following conditions are met: (1) all the financial accounts that the non-filing spouse is required to report are jointly owned with the filing spouse; 2) the filing spouse reports the jointly owned accounts on a timely filed FBAR electronically signed; and (3) the filers have completed and signed Form 114a, “Record of Authorization to Electronically File FBAR’s” (maintained with the filers’ records). Otherwise, both spouses are required to file separate FBARs, and each spouse must report the entire value of the jointly owned accounts. See instructions for specific items, Part III, Items 25-33.
