Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 3, 2019 11:09:26 AM

While filing 8938 form, do I have to mentioned foreign account jointly owned with my Mother? There is no option to mention whether the a/c is joint or single ?

With the Form 8938, how to enter the joint foreign account details. I've a couple of joint accounts. Thee is no option to mention whether the account is joint or not (like what is there in the FBAR form). 

0 1 1547
1 Replies
Intuit Alumni
Jun 3, 2019 11:09:27 AM

When reporting the details about each foreign account or asset, you will need to report whether it is owned jointly with your spouse.  However, it does not ask for the name of other joint owners or if you have any other joint owners.

In the instructions for Form 8938,  each joint owner (if not your spouse) must include the entire value of the jointly owned asset to determine the total value of all of that joint owner's specified foreign financial assets.

 Example from instructions:  I am not married and do not live abroad. An unrelated U.S. resident and I jointly own a specified foreign financial asset valued at $60,000. You each have to file Form 8938. You each satisfy the reporting threshold of more than $50,000 on the last day of the tax year.

https://www.irs.gov/pub/irs-pdf/i8938.pdf

https://www.irs.gov/pub/irs-pdf/f8938.pdf