FinCEN Form 114: Report of Foreign Bank and Financial Accounts (FBAR)
U.S. citizens, U.S. residents, trusts, estates, and domestic entities that have a financial interest in or signature authority over foreign financial accounts; and the aggregate value of the foreign accounts exceeds $10,000 at any time during the calendar year.
If you have child with over $10,000 in foreign accounts, a separate FBAR will be required for your child even if you declare the account on your FBAR as custodian.
Note: The U.S. dollar value of your foreign accounts is calculated based on the exchange rate at the end of the calendar year
(Dec. 31st), no matter when they were opened or closed.
Financial interest: (1) you are the owner of record or holder of legal title or the owner of record; or (2) holder of legal title is your agent or representative; or (3) you have a sufficient interest in the entity that is the owner of record or holder of legal title.
Signature authority: you have authority to control the disposition of the assets in the account by direct communication with the financial institution maintaining the account.
Form 114 is separate from the tax return and can only be electronically filed. It is due on the same date as your as your 1040 tax return (including extensions). If you and spouse own separate foreign accounts, you will each be required to file an FBAR. The value of any jointly owned accounts will be the entire value of the account on each spouse's FBAR. Form 114 Instructions.