Does the threshold of $10,000 combined value of foreign accounts apply to an individual? What is the threshold for a couple filing jointly?

[RichardG · Accepted solution]

The threshold requirement for filing a Report of Foreign Bank and Financial Accounts is the same for married or unmarried taxpayers.  This form is unrelated to income taxes, so the distinction between married and single persons does not exist.  If your spouse is also an owner of the account, you can file one FinCen 114 for the both of you.

In contrast, the filing threshold for Form 8939 is tied to marital status.  For taxpayers living in the United States:

• Unmarried taxpayer (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.

• Married taxpayer filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.

Please follow this link for more information.  https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements

[abhi0123]

@RichardG it sounds like you mostly answered my question here, although not quite. Me and my wife's individually owned foreign assets didn't exceed $10,000 any time in 2019, but combined they did. We don't have any jointly owned foreign assets. Are we required to file FBAR?