How do I report Foreign financial accounts for my spouse ?

[bijupsimon]

I could enter details of my financial accounts and there was a check box to indicate joint account. However there was no check box to say that the account was completely owned by my spouse. Is there a workaround ?

[tagteam]

@pk ?

[pk · Accepted solution]

@bijupsimon ,

 which form are you talking about --- Schedule-B,  form 8938 ( FATCA form filed with your return ) or form 114  ( FBAR at FinCen.gov) ?

(a) for Schedule B, on a joint retrun -- it does not distinguish between the filers  i.e. answer yes  if one, the other or both meet the requirements of owning foreign accounts.

(b) for  FATCA for 8938 or specified finacial accounts,   it is detailed  on page 6 of the instructions for form 8938 ---- >

Instructions for Form 8938 (Rev. November 2021) (irs.gov) 

Basically for a joint filer ( with spouse ) , you include all accounts and amounts  whether individually or jointly owned.  Note this is just informational and not a tax event.

Does  this help / answer your query ?

Is there more  one of us can do for you ?

pk

[bijupsimon]

Thanks. That helps for my tax filing..  although  I wonder what is their (IRS) point of asking if it is jointly owned or owned by a single person if they don't want to know who is owning it. 

[pk · Accepted solution]

@bijupsimon  , this is just a gross look  -- they actually would get detailed info on form 114 ( FBAR form -- which is per individual ). Additionally they get info. from the banks directly ---- but I have no idea if and whom actually looks at these mountains of data --- probably  auto search  and then human attention when the amounts are large.  Note that these regs. are as a reaction  to money laundering and funding of terrorists  ( not us poor folks.

Glad we were able to help you 

pk