# Form 8938 and FBAR - done!(?)



## Muffin1001 (Feb 8, 2017)

Hello folks,

I feel I’m almost done with FBAR and form 8938 fun for this year. With help from the internet, forums like this and the IRS website, I feel I’m as close as I’m going to get to ticking the correct boxes. I’ve spent way too much of my life (well over the 3 hours the IRS suggests) preparing these forms and stressing over them. A brief summary of where I’m at is below, would you kindly flag me if there’s anything glaring I’m missing.

Form 8938

3 bank accounts reported in Part I as “deposit accounts” – these are regular savings accounts I have back in the UK. The interest from these is reported as taxable in Part III (line 1a), and reported on form 1040 (schedule B, line 1). I then listed out the details of each account in parts V (with continuation statements), using the end of year conversion rate against the maximum balance of each account (at any point of the year).

My UK pension, which I’m neither contributing to or receiving payments from (a personal pension), is reported on Part II as an asset. I have not listed any tax items in Part III, as I believe I don’t get taxed until it starts paying out at age 65. The pension is then detailed in part VI, completing lines in section 8 (8a “Counterparty”, 8b “Trust”, 8c “Foreign Person”, name of pension company and address), leaving section 7 blank.

The name on form 8938 shows both me and my husband, as we're filing jointly, however all the accounts in the UK are mine alone, should this show just me, or us both? Also, just to note, all the accounts in the UK are under my Maiden name, but all forms are listed as my Married name - I doubt this is a problem, but...?

FBAR

All bank accounts and pensions above are reported on FBAR, with the maximum account values matching my form 8938 values. Despite filing my taxes (form 1040, schedule B and 8938) jointly, my FBAR is filed for just me (as my husband has no signature authority over any of the foreign accounts and no foreign accounts of his own). These accounts are listed as “financial accounts owned separately”.

Does this sound ok? I’m terrified of missing something!! Thank you all so much for your help – I’m truly grateful for all you do!


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## Moulard (Feb 3, 2017)

Without opening the form and instructions to validate, that sounds about right.


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## Muffin1001 (Feb 8, 2017)

There is one thing that keeps bugging me - so all the UK accounts are mine, and mine alone, but on form 8938 (as we're filling jointly) both my husbands and my names appear, along with HIS SSN listed as the TIN. My SSN/TIN isn't on form 8938 at all. We used TT to complete. Is this a concern, or does it sound ok?


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## Moulard (Feb 3, 2017)

I don't think you need worry about it.


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