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da9da9a
New Member

How should I fill my wife's foreign financial account? I am filling jointly and she doesn't have ITIN, and apply for that this year? I don't see account owner box to fill

Hi I have J1 visa and my wife has J2. We became residental alien, and I think I should file the foreign financial esset. Total finencial esset including my wife's is around $230000. I feel like let IRS know which account is mine, and my wife's, but I don't see any of box that require that information from turbotax. Doesn't it important?
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DaveF1006
Employee Tax Expert

How should I fill my wife's foreign financial account? I am filling jointly and she doesn't have ITIN, and apply for that this year? I don't see account owner box to fill

No, because both names are listed on the 8938 report since you refiling jointly. If you don't see a specific box for distinguishing between your accounts and your wife's accounts, you can still provide the necessary details in the appropriate sections in the form. 

 

If working in Turbo Tax online, the program does not give you an option to distinguish whose account it is. Since it doesn't have this option, the IRS will assume it's either your account, your wife's, or a joint account. The fact that it is reported on the 8938 is sufficient in this case.

 

Just a FYI, you do have an FBAR reporting requirement.  If you answered the question in the initial interview if you had ACCOUNTS OVER $10,000, you will have an option to file this with Turbo tax. This opportunity will present itself when you file your return and the option will appear that if you wish to file  this with Turbo Tax, you may do so for $49. Here is some information you may find useful

 

  1. File it in inTurboTax Online after you’ve submitted your return for $49.
    • We’ll pre-populate some of the required fields to reduce the amount of manual entry you have to do.
      • You can only submit an FBAR for yourself. You can't submit it for someone else.
      • If you’re filing jointly and both have individual accounts that need to be reported, only one person can submit it through TurboTax Online. In this case, your wife.
      • This is currently unavailable for TurboTax Full Service.
  2. File it through the government's BSA E-filing System Website.
    • You don't need to include this with your taxes, but you do need to submit it by April 15, 2025.

How to submit FBAR through TurboTax Online

  1. Select Yes when asked if your foreign accounts total more than $10,000 at any time.
  2. Select Add FBAR to add it to your cart.
  3. After submitting your federal and state return, go to Tax Home and select Get started next to FBAR.
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