France Forum

lostinspace
Joined 2001
Posts: 132

22 years ago

US taxes: is my bank a foreign trust?

22 years ago

This is my first year i'm doing my taxes on my own as an expat. I think I have everything except for this darn form 3520. This form seems to embody all of the IRS legal jargon that we could ever fear.

I simply would like to know if I have to file this form. I have a french bank account where i've made a little interest on, so i've reported this interest on my schedule b - interest and ordinary dividends. But now I have to decide if I've received a distribution from a foreign trust. I'm still not sure what qualifies as a distribution. A foreign trust seems to be everything that isn't a US trust. errrrr!

But I don't have to file for 3520 if I've reported the interest as compensation. I don't know if this means that I need to include the interest in my wages or leave it in the schedule b.

I just get the feeling from all of the US tax forms that all US expats are rich, money-laundering, tax-sheltering businessmen. What about us normal people who simply decide to live in another country?

thanks for any help and for listening to me moan.

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