La Quinta, CA
(760) 895-3516

Monday, May 11, 2015

FBAR FinCen 114 Filing Jointly When Spouse has Individual Foreign Bank Accounts

To file FBARs on foreign joint bank accounts and foreign individual accounts as spouses, FBAR FinCen report 114 will need to filed separately by each spouse (including joint accounts: full amount will be reported by both spouses).

If Spouses Have Joint and Individual Accounts

  • File FBARs as Individual (box 2: Type of Filer)
  • Report full amounts on Part II: Information on Financial Accounts Owned Separately
  • Report full amounts on Part III: Information on Financial Accounts Owned Jointly

If Souses Have Joint Accounts Only

I know that technically if there are only joint foreign bank accounts, you may report them on one FBAR, however, I would suggest reporting on separate FBARs individually. The penalties are overwhelming for not reporting bank accounts. There is no penalty for reporting bank accounts that should not have been reported. Better to report an account by mistake rather than to omit an account by mistake. It is best to follow the exact same steps above when filing for joint accounts only.
  • File FBARs as Individual (box 2: Type of Filer)
  • Report full amounts on Part III: Information on Financial Accounts Owned Jointly
 As spouses, you will only need to sign one 114a jointly if you have the FBAR prepared by a tax preparer. 

Need help filing FBAR FinCen report 114? Borders Bookkeeping offers U.S. tax preparation services for U.S. Expats and Canadians working in the United States. Give us a call.

Borders Bookkeeping

(760) 895 3516
(403) 800 2458