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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.
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.
I have a follow-up question to this. When the child’s account is reported in form 8938, should it be considered as “deposit” or “custodial” account? Thank you.
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