Hey, my name is David McKee. I'm with Green Back Expat Tax Services. Our question this week is, do I need to report my spouse's accounts on my FBAR? Now, the FBAR (or Financial Crimes Enforcement Network 114) is required for a US person or entity that has a financial interest or signing authority over foreign financial accounts with an aggregate value over $10,000 at any point during the year. For this definition, a US person can be a citizen, a green card holder, a US resident, a corporation, a partnership, or an LLC. It's not specifically limited to individuals. So, if you think you might be required to file an FBAR or if you're unsure, we highly recommend speaking to a professional. Now, if your spouse falls into one of these categories (a US person, a resident, a green card holder, or a citizen), and they have access or signing authority over a foreign financial account with at least $10,000, then yes, they have to file an FBAR. However, there's an exception for jointly owned accounts, specifically spousal accounts. If your spouse meets certain requirements, you don't have to file a separate FBAR for them. These requirements include: - All financial accounts that the non-filing spouse is required to report on or are jointly owned with the filing spouse. - The filing spouse reports the jointly owned accounts on a timely filed FBAR, electronically signed. The deadline is June 30th. - Both filers have completed and signed Form 114a, the Record of Authorization to Electronically File FBARs. If you meet all of these requirements, you can file all of your joint FBAR accounts on one form. However, if you don't meet all of these requirements, you have to file separate FBARs, even if some of the same financial accounts need to be reported....
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114a 2023 Form: What You Should Know
Effective April 1, 1999. (v1.14). Section 101-45.4901-114B — Statement by Seller of All Interest Entered with Bid Price—Statement In general, this form is used to report financial interest as the purchaser or transferee of item bid, and/or as seller of items to be sold to an eligible buyer. All other information in the form is for the bidder and/or seller of any other form which reports the seller of item bid or, of an item of a group which has such status, the seller of items in the group (including the seller of the item of the group as seller or transferee of item bid).
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