Spousal reporting FBAR

[schwaz]

As a non-rsident expat, I file FBAR's regularly. I always report every joint account with my wife on my form. I've only reported her separate accounts on her form. I just found out this is incorrect-- I should have been reporting the every joint account she shares with me on her form. Double-reporting-- for god knows why.

Anyhow, my question is, is it risky re-filing a bunch or years for her (penalties!) or should we just do so from 2020 on? Thanks!

[nelsona]

If you file a joint tax return, you only need to file 2 FBARs: One for the primary filer(choose one) which would include individual and joint accounts, and one for the spouse, reporting individual accounts.

Nothing more is needed.

Who "found this out for you", since it has been as described above forever.

[nelsona]

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

One spouse is designated, by you, and kept in your files.

Before FInCEN, under the old FBAR, even this was not necessary.

[schwaz]

It says so on the link as well.

"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.

If she has a few accounts that aren't joint, doesn't that mean she must report all joint accounts as well if this of condition isn't met?

[nelsona]

That is not my interpretation, I believe this to mean if she had other joint accounts with other persons. She simply needs a separate FinCen for herself.

[nelsona]

.. which covers her own accounts.

[schwaz]

Ok, thx for your input!