# FACTA/FBAR question about child's account



## Fjordlover (Mar 27, 2014)

Hi again...It's that time of year...

I just found out from my ex husband that I apparently have access to an account for my daughter that he set up a while ago. Gaaahhh! So, how do I proceed now with filling the FBAR (or whatever they are called now)? Do I need to refile everything again, or is there a way to just send an amendment to the previously filed fbars?


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## Bevdeforges (Nov 16, 2007)

Have you filed the FBAR for the current year yet? (i.e. 2014). 

Frankly, given that you've only just heard that you are a co-signer on the account, I'd just go ahead and report it for 2014 and forward. 
Cheers,
Bev


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## Nononymous (Jul 12, 2011)

You could also ask him to take your name off the account, if you don't want or need access, then simply pretend you never had the conversation.


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## BBCWatcher (Dec 28, 2012)

But to answer the question I think you asked, yes, you can file an amended FinCEN Form 114 for any year that you've already filed. You'll need the BSA filing number (the final one generated when the form is processed, not the one generated when you submit the form), or at least that's highly preferable. Check the box on the form indicating an amendment -- it's up at the top -- then input the filing number. I think the submission number contains letters and the filing number contains only numbers (and probably begins with a 3).

It's best to start with a copy of the previous form you filed so you don't have to rekey everything, then you can just make your amendment(s).


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## Fjordlover (Mar 27, 2014)

Thanks for the advice! I think I might follow's Bev's and just report it for 2014 (which I haven't filed yet). It's going to be closed, since the ex is opening a new one for her in another bank. I will try to see if I can keep my name off it, but I think Norwegian banking laws require that both parents are co-signers of the account if they have shared custody of the minor.


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## BBCWatcher (Dec 28, 2012)

You'll also have the same account to list in the 2015 report (since the first second of 2015 is past tense) and the new account as well, assuming it's opened in 2015.

"Dumb" question: is this minor a U.S. citizen or U.S. alien resident?


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## Fjordlover (Mar 27, 2014)

BBCWatcher said:


> You'll also have the same account to list in the 2015 report (since the first second of 2015 is past tense) and the new account as well, assuming it's opened in 2015.
> 
> "Dumb" question: is this minor a U.S. citizen or U.S. alien resident?


Yes, now that I know the new account is opening, I will be sure to include that as well as the old one.

The minor in question is a dual US/Norwegian national.


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## Bevdeforges (Nov 16, 2007)

Do you even get a statement about this account? I only ask because you say you only just found out about its existence. Might actually be a valid reason to tick the little box that says that you don't know what the balance is in the account. 

Anyhow, what I suspect BBC is getting at is that, if the balance in the account exceeds $10,000 it's likely your daughter is supposed to be filing her own FBAR (or else you would need to file one for her). 

This is where all this reporting stuff gets really annoying.
Cheers,
Bev


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## BBCWatcher (Dec 28, 2012)

Would you believe that child has to file his/her own FinCEN Form 114, assuming the filing threshold is met? Obviously you'd help.

There's an important reason minors aren't exempt from this reporting, but that's a topic for another day.

On edit: Just answer truthfully, that's all.


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## Fjordlover (Mar 27, 2014)

I have gotten a yearly statement, because she is registered at my address, and the account is in her name. But I never to my knowledge had access to that account. It has about $1000, so she doesn't meet the threshold. It is used mainly by her Norwegian family to give her monetary gifts for birthdays, Christmas, etc. I wouldn't know how to access the account if I needed to-her father has the access codes for that bank and account. I would have to contact the bank directly, since there are only basically digital net banks here in Norway. I have a separate account for her at my bank which I report every year on the FinCEN.


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## Bevdeforges (Nov 16, 2007)

If she doesn't have accounts totally $10,000 in her name, she has no filing obligation. 

You, on the other hand, will need to report the account if the total of your foreign accounts exceed $10,000 (including her balance). But I think you can probably report it as a "joint" account.
Cheers,
Bev


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## BBCWatcher (Dec 28, 2012)

Fjordlover said:


> I have a separate account for her at my bank which I report every year on the FinCEN.


Does "for her" mean she is a joint account holder or has (hypothetically anyway) "signature authority" over that account? Or do you just mean you alone hold that account and use it to spend money on your daughter?


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## Fjordlover (Mar 27, 2014)

BBCWatcher said:


> Does "for her" mean she is a joint account holder or has (hypothetically anyway) "signature authority" over that account? Or do you just mean you alone hold that account and use it to spend money on your daughter?


No, it's in my name, which is why I have always reported it on the FinCEN. The only account I am aware of in her name is the one her father set up.


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