Do i file FBAR separately for my wife, if the total balance of all her overseas accounts never exceeded 10,000$? We are filing joint taxes. I have to file FBAR myself.

[prince-uknowwho]

Me and my wife DO NOT own any joint accounts. I have 4 accounts overseas and I have to file FBAR.

My wife has 1 account overseas and the balance never exceeded 10,000$

We are filing taxes jointly. I have included interest earned by her account as well as mine as taxable income. I need to know if she needs to file an FBAR?

If not, do i need to show the 1 account she has on her name (on which i have no authority of any kind) on my FBAR?

THanks!

[DanO · Accepted solution]

For the FBAR only you need to file reports for your accounts.  Your wife does not need to file since her amount is under the reporting requirement.

For filing jointly you may need to file Form 8938 with your 1040 Individual Tax Return if:

• The total value of assets was more than $100,000 on the last day of the year, or
• The total value of assets was more than $150,000 at any time during the year.
  

[prince-uknowwho]

Thanks for your reply. From your reply, what i gather is: Only I file FBAR, and I show 4 accounts that are in my name, NOT the 1 account that my wife has in her name. My wife DOES NOT file FBAR.

[utku]

What if my wife has only 1 joint account with me with a value of $0, does she need to file FBAR even though my own aggregated accounts above $10K because we filed joint tax return. If the only person that needs to file FBAR is me, in that case, do I need to list her name while filling FBAR online under Item 25? or that is only the ones who have joint accounts above $10K value account and want to file a single FBAR? Based on this information below, I think I am the only one who needs to file FBAR and for the joint account, I do not need to list her details under Item 25. Correct?

The spouse of an individual who files an FBAR is not required to file a separate FBAR if the following conditions are met: (1) all the financial accounts that the non-filing spouse is required to report are jointly owned with the filing spouse; 2) the filing spouse reports the jointly owned accounts on a timely filed FBAR electronically signed; and (3) the filers have completed and signed Form 114a, “Record of Authorization to Electronically File FBAR’s” (maintained with the filers’ records). Otherwise, both spouses are required to file separate FBARs, and each spouse must report the entire value of the jointly owned accounts. See instructions for specific items, Part III, Items 25-33.

[AmyC]

Correct based on your scenario. It never hurts to file when not needed or give your wife's information.

Here is a comparison of the 8938 and FBAR requirements in a simple to understand format. The FBAR is not part of the tax return. It is filed separately. File FBAR through the Financial Crimes Enforcement Network.