IRS and FinCEN forms: reference pages
Reference pages for 15 IRS and FinCEN forms related to foreign trusts, accounts and entities, each built from the official form and instructions.
Using these pages
Each page follows the same order: what the form is for, who the instructions address, key definitions, the information requested, related forms and timing. The official instructions control over any summary.
All forms
FinCEN Report 114 (FBAR): foreign account reportingFinCEN Report 114 (FBAR) for U.S. citizens: account definitions, financial interests, signature authority, trust provisions and the filing requirements it sets.Form 1041: income tax return for estates and trustsForm 1041 is the U.S. income tax return for estates and trusts: filing categories, definitions, attachments, related forms and timing for a U.S. citizen.Form 1116: foreign tax creditForm 1116 claims the foreign tax credit for U.S. citizens: income categories, supporting information, related forms and filing timing under the instructions.Form 2555: foreign earned income exclusionForm 2555 and the foreign earned income exclusion: the qualification tests, income definitions, attachments, related forms and filing timing in the IRS text.Form 3520-A: annual information return of a foreign trustForm 3520-A is a foreign trust's annual information return for a U.S. owner: ownership, annual statements, attachments, related forms and filing timing.Form 3520: foreign trusts and foreign giftsForm 3520 reports U.S. persons' dealings with foreign trusts and certain foreign gifts: reporting categories, definitions, attachments and filing timing.Form 5471: information return for foreign corporationsForm 5471 reports U.S. persons' interests in foreign corporations: reporting categories, ownership definitions, schedules, related forms and filing timing.Form 706: federal estate and GST tax returnForm 706 is the federal estate tax return, also used for GST tax on direct skips, filed by the executor after a death: scope, definitions, attachments, timing.Form 709: federal gift and GST tax returnForm 709 is the federal gift tax return, also used for generation-skipping transfers: reportable gifts, definitions, documents, related forms and filing.Form 8621: passive foreign investment company shareholdersForm 8621 is the shareholder information return for passive foreign investment companies: shareholder reporting, definitions, attachments and filing timing.Form 8858: foreign disregarded entities and branchesForm 8858 reports foreign disregarded entities and foreign branches: filer categories, definitions, schedules, attachments, related forms and filing timing.Form 8865: foreign partnershipsForm 8865 reports U.S. persons' interests in certain foreign partnerships: filer categories, definitions, schedules, related forms and timing for citizens.Form 8938: specified foreign financial assetsForm 8938 reports specified foreign financial assets for U.S. citizens: reporting thresholds, asset definitions, required information, related forms and timing.Form 8960: net investment income taxForm 8960 computes the net investment income tax for U.S. citizens: the income covered, filing thresholds, related forms, attachments and filing timing.Form 926: transfers of property to a foreign corporationForm 926 reports a U.S. transferor's transfer of property to a foreign corporation: reporting scope, definitions, required information and filing timing.
Data table for this infographic
| Role or topic | Connection or condition | Form or reporting | Details |
|---|---|---|---|
| Start here | Your connection to a foreign trust or account? | Roles can overlap, so one person can follow several branches. | |
| Transferor | Created a foreign trust, or transferred money or property to one | Form 3520 | May have a Form 3520 reporting requirement, depending on the applicable reporting category |
| Owner | Treated as owner of any part of a foreign trust under the grantor trust rules | Form 3520 | Reports the trust in Part II |
| Owner | Treated as owner of any part of a foreign trust under the grantor trust rules | Form 3520-A | Annual return of a foreign trust with a U.S. owner; if the trust has not filed, a substitute Form 3520-A is attached to the owner's timely Form 3520 |
| Recipient | Received a distribution, a loan or use of trust property, or a certain foreign gift | Form 3520 | Part III reports distributions; Part IV covers receipt of certain foreign gifts |
| Account interest | Has a financial interest in foreign financial accounts | FinCEN Form 114 | Required when the aggregate value of foreign financial accounts exceeds $10,000 at any time during the calendar year |
| Account interest | Has a financial interest in foreign financial accounts | Form 8938 | Specified foreign financial assets; generally reportable when aggregate value exceeds $50,000, with higher thresholds in some cases |
| Signature authority | Has signature or other authority over foreign financial accounts | FinCEN Form 114 | The same $10,000 aggregate value test applies to a financial interest or signature authority |
| Specified foreign financial assets | Holds financial accounts at foreign institutions or other specified foreign assets | Form 8938 | Trust interests and foreign gifts reported on Form 3520 or 3520-A, and items reported on Forms 5471, 8621 or 8865, need not be reported a second time on Form 8938. The other form is identified in Part IV of Form 8938, and the asset's value still counts toward the threshold. |
| Form 8938 and a foreign trust you own | Treated as owner of any part of a foreign trust under the grantor trust rules | Form 8938 | Specified foreign financial assets held by the owned portion of a foreign trust (sections 671 through 679) are excluded when the owner timely files Form 3520 for the same tax year, ensures the trust timely files Form 3520-A or a substitute, and reports both filings on Form 8938. |
| FBAR and a trust beneficiary | Trust beneficiary with a financial interest in the trust's foreign financial accounts | FinCEN Form 114 | FinCEN's instructions provide an exception for a trust beneficiary with the financial interest described in section (2)(e) of the definition: the trust, trustee or agent is a U.S. person and files an FBAR disclosing the trust's foreign accounts. |
Notes: Thresholds and exceptions are set out in each form’s instructions, which control.
Sources: IRS statistics of income note on Forms 3520 and 3520-A · IRS reminder to U.S. owners of a foreign trust · IRS Instructions for Form 3520 (distributions) · IRS Instructions for Form 8938 · IRS FATCA information for individuals and summary of FATCA reporting · FinCEN FBAR line item instructions (beneficiary exception) · Day Pitney summary of FBAR reporting · Cassra Minai commentary on Forms 3520 and 8938 · OffshoreTrusts.com research.
Related reading
IRS reporting for U.S. persons with foreign trusts provides the broader IRS and FinCEN reporting library. The IRS rules on foreign trust reporting are set out in IRS Foreign Trust Reporting Requirements. FBAR and Form 8938 for accounts linked to trusts explains how these reporting requirements apply to trust accounts. Foreign trust reporting role finder organizes forms by roles discussed in the instructions.
Related resources
Related glossary terms
- FBAR: FinCEN describes the FBAR filing rule for U.S. persons with foreign accounts. It covers the $10,000 aggregate threshold, account interests and exceptions.
Related articles and guides
- Foreign trust forms and the accounts behind them: Forms 3520 and 3520-A cover transfers to a foreign trust, its ownership and its distributions. Bank accounts behind a trust add separate FBAR and 8938 rules.
- IRS page on gifts from foreign persons: IRS reporting rules for gifts and bequests from foreign persons, with thresholds, Form 3520 filing information, and how gifts differ from trust distributions.
- U.S. Reporting Forms for Foreign Entities: A reference for U.S. citizens on when Forms 5471 and 8858 apply, how a foreign disregarded entity is defined, and how Form 8992 uses CFC data for GILTI.
Tools and official documents
- Foreign trust reporting role finder: Tick the roles that describe a connection to a foreign trust or foreign account to see the forms the IRS and FinCEN instructions discuss. Roles can overlap.
- Form 3520 and 3520-A due-date calculator: Enter the filer's year end and the trust's year end to see the due dates in IRS instructions for Forms 3520 and 3520-A, adjusted for weekends but not holidays.