Form 8938 and FBAR

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bayarea_dreamer
Posts: 9
Joined: Sun Oct 07, 2018 5:03 am

Form 8938 and FBAR

Post by bayarea_dreamer »

Hi,

I moved from Canada to USA last year. I am eligible for making the "first year choice" for 2018, so I will be filing my taxes as "US resident" for 2018. My wife moved to USA on 31 December 2018, so I will be filing the taxes as "Married filing separately". I have obtained extension to file the taxes till October 15, 2018.

During the time I was living in USA in 2018, my wife had bank accounts in Canada and India. These were either her personal accounts or they were held jointly with her parents. I was not a joint owner on any of these accounts. I also did not had any signatory authority over these accounts.

I will be filing FBAR and Form 8938 for the year 2018. Do I need to include these bank accounts held by my wife (either individually or jointly with her parents) in Canada and India on my FBAR or Form 8938?
bayarea_dreamer
Posts: 9
Joined: Sun Oct 07, 2018 5:03 am

Re: Form 8938 and FBAR

Post by bayarea_dreamer »

Adding to the message above:

My wife will not be filing any US taxes for 2018. We both filed our Canadian taxes.
ND
Posts: 291
Joined: Thu Feb 21, 2013 5:28 pm

Re: Form 8938 and FBAR

Post by ND »

FBAR includes any accounts you have access to
8938 threshold test includes your wife's assets but the actual 8938 reporting doesn't
bayarea_dreamer
Posts: 9
Joined: Sun Oct 07, 2018 5:03 am

Re: Form 8938 and FBAR

Post by bayarea_dreamer »

Thanks for the reply!

So, what I understand is:

1. 8938 - no need to report my wife's accounts. Only use them for threshold calculations.
2. FBAR - What does "have access to" mean? I don't have any signing authority or joint ownership of these accounts.
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