If your child has less than $1,050 of unearned income, he
would not have to file a return. You
would not have to file Form 8814, Parents’ Election to Report Child’s Interest,
with this level of interest.
TurboTax handles the Foreign Financial Assets questions and
prepares the Form 8938 if needed. Since
you effectively control the activity in your son’s foreign bank account you can
include his account activity with yours in answering the foreign account
questions.
Since your son had less than $10,000 in his account he would
not have to file an FBAR on his own.
However, since you control his account and you have an FBAR filing
requirement, you can include his account in your filing to make your filing
complete.
You can quickly get to the Foreign Financial Assets section
of TurboTax by typing the phrase “foreign financial assets” in the search bar
in the upper right corner of your screen.
