FBAR Question

[Soul Mates 44]

I think my husband needs to submit an FBAR but I wanted to ask here to make sure. He came to US on K1 visa late last year, we married in December and I will file taxes jointly with him by including a note that I want to make him a resident last year for tax purposes. I filed a tax extension & haven't submitted it yet, he does have his SSN though. He submitted his AOS & we are waiting for a green card. My husband and his parents have an account through merrill lynch for non residents that is over 10k, does he have to submit FBAR for this, even though he wasn't a resident last year but will be considered one for tax purposes? Thanks!

[Soul Mates 44]

Also, my husbands parents are listed on the account as main account holder & joint holder, my husband is also joint holder. His parents live in Brazil & only visit the US at the most a few weeks a year. If my husband has to file FBAR do they also have to file since they are also account holders?

[Soul Mates 44]

I know the account is for non-residents of the US through Merrill Lynch but I don't know where it is located and how would he even find out? Does it matter?

[Owen_London 65]

Look at the statements, it should be obvious where it was located. If he filing as a tax resident for 2013, and it's a foreign account, then yes he will have to file.

Two things, though: 1. the account being for non-residents doesn't imply that it's a foreign asset. 2. If he's now a resident, he will probably have to contact Merrill Lynch and change the status of the account.

And FBAR forms are for US tax residents only, so his parents don't have to file FBAR forms.

[Soul Mates 44]

Says the financial advisor is in Miami so looks like it's not a foreign account. The non-resident part was confusing me! The bank won't change the account to resident until my husband gets his green card so still waiting on that. Thanks for the help, I can stop panicking now!