{"id":41334,"date":"2019-01-15T14:26:33","date_gmt":"2019-01-15T20:26:33","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?p=41334"},"modified":"2021-07-06T12:48:14","modified_gmt":"2021-07-06T17:48:14","slug":"childs-foreign-account","status":"publish","type":"post","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/income\/other-income\/childs-foreign-account\/","title":{"rendered":"How Do I Report My Child\u2019s Foreign Account?"},"content":{"rendered":"<p>Wondering about the tax reporting requirements for your child\u2019s foreign accounts? We can help you determine what you have to report on your or your <a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/other-income\/filing-tax-returns-for-children\/\">child\u2019s tax return<\/a> and how.<\/p>\n<p>First, you&#8217;ll need to report your child&#8217;s authority over foreign accounts or financial interest in accounts total $10,000 or more during the year. Along with reporting the income on your return, you&#8217;ll need to complete&nbsp;<a href=\"https:\/\/www.treasury.gov\/services\/Pages\/TD-F-90-22.1-Report-of-Foreign-Bank-and-Financial-Accounts.aspx\">FinCEN Form 114:<\/a>&nbsp;Report of Foreign Bank and Financial Accounts (FBAR). You must electronically file this form through <a href=\"https:\/\/bsaefiling.fincen.treas.gov\/main.html\">FinCEN\u2019s BSA E-Filing System<\/a>, and failure to do so could result in a penalty of $10,000 or more.<\/p>\n<h2><span lang=\"EN\">Reporting&nbsp;<\/span><span lang=\"EN\">Child\u2019s Foreign Income <\/span><\/h2>\n<p>You can report income from your child\u2019s foreign accounts under their name or under your own taxes. If you include the income with your return, you\u2019ll use <a href=\"https:\/\/www.hrblock.com\/tax-center\/income\/other-income\/child-unearned-income\/\">Form 8814<\/a>: Parents\u2019 Election to Report Child\u2019s Interest and Dividends. By doing so, you have an interest in certain foreign financial assets held by your child.&nbsp;Be sure to include this income when you calculate the worth of foreign financial assets over which you have ownership or authority.<\/p>\n<p>Tax matters for your or your child\u2019s foreign accounts and income can get complicated. If you need help documenting or preparing taxes for your foreign accounts, you can rely on the tax pros at H&amp;R Block. They can help ensure you have all your reporting requirements in order.&nbsp; Find your local <a href=\"https:\/\/www.hrblock.com\/tax-offices\/local-offices\/#!\/en\/office-locator\/\">H&amp;R Block Office<\/a> to set up an appointment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wondering about the tax reporting requirements for your child\u2019s foreign accounts? We can help you determine what you have to report on your or your child\u2019s tax return and how. First, you&#8217;ll need to report your child&#8217;s authority over foreign accounts or financial interest in accounts total $10,000 or more during the year. Along with [&hellip;]<\/p>\n","protected":false},"author":658,"featured_media":41361,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,50],"tags":[],"class_list":["post-41334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income","category-other-income"],"acf":[],"yoast_head":"<title>Reporting Your Child\u2019s Foreign Account | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"Wondering how to report your child\u2019s foreign accounts? 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