Hi - I have a foreign bank account held jointly with my sister. Should it be reflected under "account jointly owned with spouse" for lack of other options? If yes, where can I find the option to "check" the "account jointly owned" option? It is currently unchecked when I review the pdf of the tax forms due for submission.
Further update. Read online from a Jan 2020 thread on similar topic that some people who were married had joint account selected by default. Am assuming that given that I am filing as single, the joint account is not selected by default. Would suggest that Turbo tax allow the joint account selection as an option when collecting information for Form 8938 similar to screenshot attached below.
If the account is not held jointly by you and your spouse, don't check the 'joint' box, since you are filing as single.
Report only your portion of the 'account balance'.
If you're reporting interest earned on the foreign bank account held jointly with your sister, report only your portion of the interest income.
You may not need to file Form 8938 for Foreign Financial Accounts unless this applies to you:
Unmarried individual (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.
Here's more info on How to Enter Form 8938 and details from the IRS on Foreign Financial Accounts.