In 2018, my wife and I had each a different foreign account. Does the amount of foreign account for the purpose of reporting is the total of both accounts?

[DanielV01 · Accepted solution]

It depends if it is for FinCEN 114 (FBAR) or for FATCA (Form 8938)

For an FBAR, no.  The required reporting amounts are individual.  To be required to file an FBAR, the individual needs to hold more than $10,000 in a Foreign account.

For FATCA (Form 8938), yes, the amount of foreign account is the total of both if you are filing a joint return.  But that is also because the filing requirement is doubled: $50,000 at end of year or $75,000 at any point if single and $100,000 at end of year or $150,000 at any point if filing jointly with foreign account amounts.