Are there FBAR filing requirements for children?
When does my child need to report his foreign bank account interest on my Form 8938?
A child is responsible for filing his own FBAR report if the aggregate value of his foreign financial accounts exceeds $10,000 at any time during the calendar year. If for any reason, including age, a child cannot file his own FBAR report it is the responsibility of the child’s parent or other legally responsible individual to file on behalf of the child. The child should sign his FBAR. If he is unable to do so, a parent or other legally responsible individual must sign for the child.
If a parent files form 8814, Parents’ Election To Report Child’s interest and dividends, and elects to include certain unearned income from the child on the parent’s return, the parent is considered to have a financial interest in the child’s account and thus these accounts must be reported on the parent’s form 8938. Note these accounts should be marked as “custodial accounts”. The child’s accounts are included in the calculation to determine whether or not the parent satisfies the reporting threshold. See FBAR information for form 8938 threshold filing requirements. If no form 8814 is filed, the child’s accounts do not have to be recorded on the parent’s form 8938. If a parent does not file form 8814, the US child may have to file his own 8938 if the total value of his foreign financial assets is more than $200,000 at year end or $400,000 at any point during the year.
