Foreign trust reporting role finder
Tick the roles that describe your connection to a foreign trust or foreign account to see which IRS and FinCEN reporting forms the official instructions discuss for each role.
How it works
Each role maps to the relevant reporting forms. The tool summarizes the official instructions and links to them.
Roles can overlap. For example, a person can be an owner of part of a foreign trust and also hold an interest in accounts held by it, which brings both the trust forms and the account forms into view.
Worked example
Ticking the owner role and the account role lists Form 3520 and Form 3520-A for the owner role, and FinCEN Form 114 for the account role.
What this tool does not do
The finder points to the instructions but does not determine who must file, whether an exception applies or what a filing contains. Thresholds, exceptions and due dates are in the linked instructions.
Use the tool
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 | FBAR is 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 signature or other authority over foreign financial accounts |
| 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 asset is still identified on Form 8938, and its value 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 | Beneficiary with a financial interest in a trust's foreign 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
Questions and answers
Does the finder tell me what to file?
No. It lists forms that the instructions discuss for the roles you tick. Whether any return is required depends on facts and exceptions in the instructions.
Why can several forms appear for one situation?
The forms address different regimes: trust transactions and ownership, foreign financial accounts, and specified foreign financial assets. The IRS states that an exception under one regime does not affect the others.
Related resources
Related glossary terms
- Foreign trust classification: A trust is foreign under Form 3520 when it fails either domestic trust test. The tests ask about U.S. court supervision and control of substantial decisions.
- Related person: Related persons are defined through sections 267 and 707(b) in the Form 3520 instructions. Examples include family members and majority-owned corporations.
- Foreign grantor trust: A foreign grantor trust is a foreign trust treated as owned by a grantor, often a U.S. person. Ownership brings Form 3520 and Form 3520-A reporting duties.
Related articles and guides
- What a trust means under U.S. and international law: Trust terms and structure, the Hague Convention's rules, and U.S. tax classification and limited reporting rules, all explained plainly for U.S. citizens.
- Trust accounts: FBAR and Form 8938 overlap: Trust-related FBAR and Form 8938 reporting: foreign accounts and specified assets, ownership, signature authority, and where the two reports overlap and differ.
- 26 U.S.C. § 678, substantial owner rules: 26 U.S.C. § 678 describes when a person other than a trust grantor is treated as owner of part of a trust, with exceptions and a related cross-reference.
Tools and official documents
- IRS form finder: Search form reference pages by keyword or number. Each result has a one-line description, and matches run across form titles and numbers, plus descriptions.
Related pages
Sources and data notes
- Internal Revenue Service, Instructions for Form 3520. https://www.irs.gov/instructions/i3520. Retrieved . Transfers, distributions, ownership.
- Internal Revenue Service, Instructions for Form 8938. https://www.irs.gov/instructions/i8938. Retrieved . Specified foreign financial assets and the foreign trust owner exclusion conditions.
- Financial Crimes Enforcement Network, FBAR line item filing instructions. https://www.fincen.gov/sites/default/files/shared/FBAR%20Line%20Item%20Filing%20Instructions.pdf. Retrieved . Trust beneficiary rule and account definitions.
Dates in this block record when each source was read for this page.