Form 8938 ownership of the account

jaehyukl
jaehyukl Member Posts: 1 Newcomer
edited April 11 in Filing my taxes

Hi FreeTaxUSA Support,

I’m preparing Form 8938 and filing jointly with my wife. When I add additional bank account information, I don’t see any field where I can indicate who owns the account. Is this expected, or am I missing a step?

Also, should I complete and submit the return first under my name and then file a separate return under my wife’s name for Form 8938, or is there a way to attach an additional Form 8938 within the same joint filing?

Thank you.

Comments

  • JohnV
    JohnV FreeTaxUSA Agent Posts: 35 image
    Hello jaehyukl - Form 8938 is filed with the tax return, which as you have noted is a joint filing, so you do not have to file a separate Form 8938 anywhere else. The 8938 will include all the foreign assets that you owned separately, your spouse owned separately, or you both owned jointly.

    This is unlike the FBAR, where it is as you said, she has to file her own FBAR, and you have to file yours, and then then joint accounts on both FBARs. Form 8938 is different. There is only one Form 8938 with the joint tax return. It does not matter who own it, as long as all foreign accounts are reported by the people who are on this joint tax return.

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