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wiencs
New Member

Do I have an FBAR requirement if I control a foreign bank account through work but not in my personal financial picture?

 
1 Reply
CarolynM
Level 1

Do I have an FBAR requirement if I control a foreign bank account through work but not in my personal financial picture?

No.

If you have no financial interest in the account, you qualify for one of the exceptions:

There are filing exceptions for the following United States persons or foreign financial accounts:

  • Certain foreign financial accounts jointly owned by spouses
  • United States persons included in a consolidated FBAR
  • Correspondent/Nostro accounts
  • Foreign financial accounts owned by a governmental entity
  • Foreign financial accounts owned by an international financial institution
  • Owners and beneficiaries of U.S. IRAs
  • Participants in and beneficiaries of tax-qualified retirement plans
  • Certain individuals with signature authority over, but no financial interest in, a foreign financial account
  • Trust beneficiaries (but only if a U.S. person reports the account on an FBAR filed on behalf of the trust)
  • Foreign financial accounts maintained on a United States military banking facility.

Source: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-a...

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