per tax law, if any one has foreign bank account that equal or more than $10K has to be reported. But what if in joint tax return's case where for example:
1) Husband has $5000 in foreign bank under his own name
2) Wife has $6000 in foreign bank under her own name
each account has less than $10K, but when combined the total is $11K which exceeds the $10 K limit.
The question is how the amount is acount in the joint return. In the above case, is there a need to report ? Thanks!
With respect to FinCen Form 114 (the FBAR requirement), if accounts are held in the name of one spouse only, you would not reach the threshold ($10,000) required to fill out your own, separate, Form 114s.
If all of the foreign accounts you own are held jointly and the sum of those joint accounts is $10,000 or more, you would each be required to file FinCen Form 114. You could file this document together, jointly, as a married couple, so long as all of the foreign accounts you own are held jointly.
See Report of Foreign Bank and Financial Accounts (FBAR) for additional information.
The following also provides additional explanation and detail: