FBAR and JP Morgan Workplace (fka Global Shares) question

[rooneycjtaxes]

Is JP Morgan Workplace Solutions (previously Global shares) an entity that falls under FBAR filing? I'm uncertain and not sure how to figure this out.

[SabrinaD2 · Accepted solution]

Based on the information here and the general requirements for FBAR (Report of Foreign Bank and Financial Accounts) filing, JP Morgan Workplace Solutions (formerly Global Shares) may indeed fall under FBAR filing requirements if they manage accounts that are in line with the following:
 

Steps to Determine if JP Morgan Workplace Solutions Falls Under FBAR

1. Check Account Location: Determine if the financial accounts managed through JP Morgan Workplace Solutions are located outside the United States.
2. Calculate Aggregate Value: Ensure the total value of these foreign accounts exceeds $10,000 at any point during the year.

How to Confirm

• Contact JP Morgan Workplace Solutions: Reach out to their Customer Support to confirm the location of the accounts.
• Review Account Statements: Check your account statements to verify the total value of the accounts.

Exemptions from FBAR Reporting:

• Correspondent/Nostro accounts
• Accounts owned by a governmental entity
• Accounts owned by an international financial institution
• Accounts maintained on a U.S. military banking facility
• Accounts held in an IRA (Individual Retirement Account) of which you’re an owner or beneficiary
• Accounts held in a retirement plan of which you’re a participant or beneficiary
• Accounts part of a trust of which you’re a beneficiary, if a U.S. person files an FBAR reporting these accounts

Situations Where You Don’t Need to File an FBAR:

• All your foreign financial accounts are reported on a consolidated FBAR
• You jointly own all your foreign financial accounts with your spouse, and:
  • You completed and signed FinCEN Form 114a authorizing your spouse to file on your behalf
  • Your spouse reports the jointly owned accounts on a timely-filed signed FBAR

Who Must File

A U.S. person must file an FBAR if they have:

• A financial interest in or signature authority over at least one financial account located outside the United States, and
• The aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year

To File FBAR in TurboTax - see steps here.

Helpful Resources

• IRS FBAR Information

[rooneycjtaxes]

@SabrinaD2 this is SO helpful!!! and exactly what I need to step-by-step my way through this.

Appreciate it!