Do I have to file form 8938 if I have only signatory authority over accounts in Spain?

YE — Wed, 09 Sep 2020 15:48:55 GMT

I moved to Spain last year and my parents who are spaniards (no US citizens and/or residents) authorized me on their accounts (signatory authority but not ownership of the accounts). I know that I am required to file the FBAR, not only for my accounts but also for the ones that I'm authorized (theirs).

My doubt is about for the form 8938. Do I need to file it with my taxes? I don't reach the threshold requirements with my foreign accounts; however, with my parents' , I do!

Re: Do I have to file form 8938 if I have only signatory authority over accounts in Spain?

DoninGA — Wed, 09 Sep 2020 18:59:35 GMT

You do not have to file a Form 8938 for the accounts where you have a signature authority and do Not have an interest in the account. You do have to file a FBAR for the account.

Go to this IRS website for a comparison of Form 8938 and a FBAR - https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

topic Do I have to file form 8938 if I have only signatory authority over accounts in Spain? in Get your taxes done using TurboTax

Do I have to file form 8938 if I have only signatory authority over accounts in Spain?

Re: Do I have to file form 8938 if I have only signatory authority over accounts in Spain?