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New Member
posted Jun 5, 2019 6:02:28 PM

My mother who is not a US citizen and does not live in the country added my name to her savings bank account. Can I adjust the reported interest since I'm a joint owner?

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1 Best answer
New Member
Jun 5, 2019 6:02:30 PM

Yes. If this account is held jointly, then you will only need to report your proportionate share of this foreign interest income (in USD) on your income tax return.

Please note : If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)

1 Replies
New Member
Jun 5, 2019 6:02:30 PM

Yes. If this account is held jointly, then you will only need to report your proportionate share of this foreign interest income (in USD) on your income tax return.

Please note : If you have foreign bank accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) if are a US citizen or resident and:

  1. you had a financial interest in or signature authority over at least one financial account located outside of the United States; and
  2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

To be directed to the US Treasury Government Website to prepare a Report of Foreign Bank and Financial Accounts, click FBAR (TurboTax does not support this form)