Instructions For Schedule B (Form 1040a Or 1040) - Interest And Ordinary Dividends - 2017 Page 3
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3that is physically located in the United
tronically file FinCEN Form 114 with
provided on line 7b. Attach a separate
States isn't a foreign financial account.
Treasury's Financial Crimes Enforce-
statement if you need more space.
ment Network. A U.S. person that has a
Line 8. If you received a distribution
Signature authority. Signature au-
financial interest in or signature authori-
from a foreign trust, you must provide
thority is the authority of an individual
ty over foreign financial accounts must
additional information. For this purpose,
(alone or in conjunction with another in-
file the form if the aggregate value of
a loan of cash or marketable securities
dividual) to control the disposition of as-
foreign
financial
accounts
exceeds
generally is considered to be a distribu-
sets held in a foreign financial account
$10,000 at any time during 2017. Do
tion. See the Instructions for Form 3520
by direct communication (whether in
not attach FinCEN Form 114 to your tax
at
IRS.gov/Form3520
for details.
writing or otherwise) to the bank or oth-
return.
er financial institution that maintains the
If you were the grantor of, or trans-
The due date for filing FinCEN Form
financial account. See the FinCEN Form
feror to, a foreign trust that existed dur-
114 has changed. See
114 instructions for exceptions. Don't
ing 2017, you may have to file Form
for details.
consider the exceptions relating to sig-
3520.
nature authority in answering Question 1
If you are required to file Fin-
Don't attach Form 3520 to Form
on line 7a.
!
CEN Form 114 but don't prop-
1040. Instead, file it at the address
erly do so, you may have to pay
shown in its instructions.
Other definitions. For definitions of
CAUTION
a civil penalty up to $10,000. A person
“financial interest,” “United States,” and
If you were treated as the owner of a
who willfully fails to report an account
other relevant terms, see the instructions
foreign trust under the grantor trust
or provide account identifying informa-
for FinCEN Form 114.
rules, you are also responsible for ensur-
tion may be subject to a civil penalty
ing that the foreign trust files Form
Line 7a–Question 2. See FinCEN
equal to the greater of $100,000 or 50%
3520-A. Form 3520-A is due on March
Form 114 and its instructions at
of the balance in the account at the time
15, 2018, for a calendar year trust. See
to determine whether
of the violation. Willful violations also
the Instructions for Form 3520-A at
you must file the form. Check the “Yes”
may be subject to criminal penalties.
IRS.gov/Form3520A
for details.
box if you are required to file the form.
Check the “No” box if you aren't re-
Line 7b. If you are required to file Fin-
quired to file the form.
CEN Form 114, enter the name of the
foreign country or countries in the space
If you checked the “Yes” box to
Question 2 on line 7a, you must elec-
B-3
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