Question about Form 8938 filing

[sourav93]

I am filing tax returns as Married filing jointly. While filling out form 8938, do I need to ONLY provide details about foreign banks which are jointly owned by me and my spouse, or do I also need to report accounts that are held separately as well?

[pk]

@sourav93  if you are filing a joint return and therefore a joint 8938, you would need to  report  each and every bank account you own or have signature authority over whether joint or individual.  What  they are trying to get from you  is all foreign accounts wherein your names appear ( because you are both US persons.   Note that the trigger level is based on aggregate amounts over the  accounts.

Does that make sense ?

Namaste ji

pk

[sourav93]

Yes, that was my understanding as well, but while trying to read through the instruction page, https://www.irs.gov/instructions/i8938#en_US_2020_publink100050067 - it is quite confusing as they mention acoounts jointly owned.

[pk]

@sourav93  what they are trying to  clear up is that if an account is owned jointly, then mention it only once  not for each filer in an MFJ situation.   That is my understanding.

Is there more I can help  you with ?

Namaste ji

pk