Jointly owned foreign accounts may be reportable. A person required to report generally includes the account’s full maximum annual value, not just their ownership share.
1. Do Not Divide the Balance by Ownership Percentage
If a jointly owned spousal account has a maximum value of $40,000 and both spouses must report it separately, each generally reports $40,000—not $20,000.
The full-value approach also applies to accounts jointly owned with other family members or third parties.
Reference: IRS — FBAR Reference Guide
2. Determine Each Person’s Filing Obligation
Generally, a U.S. person must file when foreign accounts in which they have a financial interest or signature authority exceed $10,000 in aggregate at any time during the calendar year.
Review individually owned accounts alongside joint accounts. One owner’s filing obligation does not automatically establish an obligation for another owner.
Reference: FinCEN — Purpose of the FBAR
3. A Spousal Filing Exception May Apply
One spouse may avoid a separate FBAR when all these conditions are met:
- Every account the nonfiling spouse must report is jointly owned with the filing spouse.
- The filing spouse reports those accounts on a timely, electronically signed FBAR.
- The spouses properly complete, sign, and retain Form 114a.
Form 114a is retained with their records rather than submitted with the FBAR.
For example, a husband with individual and joint accounts may report for a wife whose only reportable accounts are jointly owned with him. If both spouses have separate individually owned reportable accounts, this exception generally is unavailable.
Reference: FinCEN — Filing for Spouse
4. Joint Income Tax Filing Is Separate
A joint income tax return does not automatically satisfy both spouses’ FBAR requirements. Review FBAR status and the spousal exception independently.
Information to Gather
- Each owner’s U.S. tax circumstances
- Individual and joint account lists
- Maximum annual balances
- Joint owners’ names and relationships
- Accounts held through signature authority only
- Prior FBARs and Forms 114a
We review each person’s obligations and joint-account reporting. Please exclude account and identification numbers from your initial inquiry.
This answer provides general information for individuals. Ownership, signature authority, and residency affect treatment. Form 8938 requires separate review.
Information reviewed: October 14, 2026
