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Topic: FBAR for kids (not as fun as it sounds)  (Read 630 times)

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FBAR for kids (not as fun as it sounds)
« on: July 05, 2019, 02:27:24 PM »
I think I know the answer to this question, but, having children is new to me so I'm asking anyway...

If my dual-citizen child has been given a savings account by their British grandparents, does she need to file an FBAR?

I don't have "signatory powers" on it, and I'm not sure that she has, either, but she definitely has a "financial interest" in it, so I'm thinking that I need to file one on her behalf. Is that correct?


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Re: FBAR for kids (not as fun as it sounds)
« Reply #1 on: July 05, 2019, 04:35:59 PM »
I think I know the answer to this question, but, having children is new to me so I'm asking anyway...

If my dual-citizen child has been given a savings account by their British grandparents, does she need to file an FBAR?

I don't have "signatory powers" on it, and I'm not sure that she has, either, but she definitely has a "financial interest" in it, so I'm thinking that I need to file one on her behalf. Is that correct?

Yes, I believe that is correct.  But only if the child's overseas assets exceed $10,000.
9/1/2013 - "fiancée" (marriage) visa issued
4/6/2013 - married (certificate issued same-day)
5/6/2013 - FLR(M)#1 in person -- approved!
8/1/2016 - FLR(M)#2 by post -- approved!
8/5/2018 - ILR in person -- approved!
22/11/2018 - Citizenship (online, with NDRS+JCAP) -- approved!
14/12/2018 - I became a British citizen.  :)


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Re: FBAR for kids (not as fun as it sounds)
« Reply #2 on: July 05, 2019, 06:23:33 PM »
Looks like the parent can esign it on behalf of a child.

https://www.fincen.gov/filing-child

Quote
Responsibility for Child’s FBAR
Generally, a child is responsible for filing his or her own FBAR report. If a child cannot file his or her own FBAR for any reason, such as age, the child's parent, guardian, or other legally responsible person must file it for the child. Signing the child's FBAR. If the child cannot sign his or her FBAR, a parent or guardian must electronically sign the child's FBAR. In item 45 Filer Title enter “Parent/Guardian filing for child.”
Dual USC/UKC living in the UK since May 2016


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