FBAR joint account joint return?

Hi all-

So we are filing a joint return as always and are finally to the point where we need to do an FBAR on a JOINT bank account. Does anyone know if we EACH need to file separate FBARS or can we file ONE FBAR for the joint account? If that makes sense...

My accountant is saying we need to file two separate FBARS since it's a joint bank account but just feels like overbilling, to be honest.

Thanks,

NWKH

You should only need 1 FBAR report which is what we used to do when we lived in the USA and only had 1 UK joint account to report. (We now both have to file as we have other accounts that are not joint, and in the joint account section of the FBAR both of us report the same joint account, naming the other as the other account holder).

Thanks duramlad,

They are saying it's because she is "also US citizen" that we have to file 2 FBARs. She has dual US/UK citizenship and I am in the UK on a spousal visa. Does that make any sense? Naturally, she is a US citizen.... otherwise... why would she be filing a US tax return!!!!

Just to be super specific about the situation. So we have one joint bank/savings account that's over the $10,000 limit we need to report. And after we told the accountant about this he also asked us both about our pensions with our jobs. Both of these are very far below the reporting threshold but we gave him the information.  Both are below £1,500 each. So I don't think he can be claiming these separate pensions are the reason for an extra FBAR because they are so far below the reporting threshold. And do they even need to be included on and FBAR?

ARGHHH

Thanks duramlad,

They are saying it's because she is "also US citizen" that we have to file 2 FBARs. She has dual US/UK citizenship and I am in the UK on a spousal visa. Does that make any sense? Naturally, she is a US citizen.... otherwise... why would she be filing a US tax return!!!!

Just to be super specific about the situation. So we have one joint bank/savings account that's over the $10,000 limit we need to report. And after we told the accountant about this he also asked us both about our pensions with our jobs. Both of these are very far below the reporting threshold but we gave him the information.  Both are below £1,500 each. So I don't think he can be claiming these separate pensions are the reason for an extra FBAR because they are so far below the reporting threshold. And do they even need to be included on and FBAR?

ARGHHH

You may find this guide helpful: https://www.irs.gov/pub/irs-utl/irsfbarreferenceguide.pdf

Each of you must report all accounts in which you have an interest if the aggregate maximum value of the account(s) exceeds $10,000 at any time during the year. You do not just report the account that has over $10,000. How you treat pensions will depend upon what kind of pensions they are.

The ability for one person to file everything and the spouse not having to file only applies if all the accounts to be reported by the spouse are jointly owned.

You may find this guide helpful: https://www.irs.gov/pub/irs-utl/irsfbarreferenceguide.pdf

Each of you must report all accounts in which you have an interest if the aggregate maximum value of the account(s) exceeds $10,000 at any time during the year. You do not just report the account that has over $10,000. How you treat pensions will depend upon what kind of pensions they are.

The ability for one person to file everything and the spouse not having to file only applies if all the accounts to be reported by the spouse are jointly owned.

Exactly.

Sometimes after I empty an account it will stay open for a while showing a zero balance and I report these since the law says once the aggregate threshold of  $10k is reached all accounts have to be reported. I have 2 final salary pensions and I have never reported them as I never had signature authority over them. Some advisors will say that before drawing them you should report them and put a value of zero, and once you start receiving the pension put the value as the annual income you  receive.