kodokan

Hubby and I need to file FBARs for some UK accounts we have. He has some accounts, I have some accounts, and we have a couple of joint accounts.

Reading the BSA e-filing site, I think what we have to do is file two FinCENs:

- one for him, with his individual accounts, and then put the joint ones on his filing, and complete FinCEN 114a and stick it in a file
- one for me, with my individual accounts

Or I suppose we could do the two forms, and both list the joint accounts on them, duplicating the information, and skip 114a.

Have I got this right? Thanks!

MidAtlantic

I think that you have to do two separate forms, each reporting the joint accounts. That's what the instructions seem to say:

Certain Accounts Jointly Owned by Spouses. 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; .......... Otherwise, both spouses are required to file separate FBARs, and each spouse must report the entire value of the jointly owned accounts.

You do not meet (1) because you have your own accounts, so the part from Otherwise applies.

kodokan

Thanks MidA - two forms, individual accounts on each, joint on both it is, then. Shall get onto that this weekend.

durham_lad

That is what I would do. A few minutes extra work to be absolutely sure will be worth the peace of mind.