Foreign Income & Assets Tax Organizer

Foreign Income & Assets Tax Organizer
About This Organizer

If you are an individual who is required to file a US tax return and you resided outside of the United States, had foreign income, or own foreign financial assets, you may be required to report additional information on your tax return and file additional disclosure returns. This organizer will help you gather and organize information that needs to be reported on your tax return.

Who must file a US Tax Return?
The United States imposes income tax return filing requirements on individuals who are:
- US citiizens,
- Greencard holders,
- Meet the substantial presence test, or
- Have income from US sources
You are required to file a US tax return if your income is equal to or greater than your standard deduction for the tax year.

Reporting Requirements
If you were a U.S. citizen or greencard holder, or if you were a U.S. resident for tax purposes because you met the substantial presence test during the tax year, you are required to:
1. Disclose ownership foreign financial assets
2. Disclose a beneficiary interest in, or signature authority over a foreign trust
3. Report receipt of foreign gifts and inheritances in excess of $100,000 during the year.
4. Report if you have a 10% or greater ownership of a foreign corporation, LLC, or partnership, of if you are an officer of a foreign corporation or LLC
5. Report ownership interest in foreign investment funds, such as foreign mutual funds or real estate investment groups
6. Report your worldwide income, even if you did not live in the United States at any time during the current or prior years
7. File FinCEN Form 114a if the agregate value of your foreign financial assets exceeded $10,000 U.S. dollars at any time during the tax year
Your worldwide income includes any income you earned from investments, business interests, wages, self employment, gross rental income, pension or other form of retirement income, social security, capital gains, interest, dividends, crypto, etc.

Identifying Information
The Foreign Income and Assets Organizer collects specialized information not collected on the 1040 Individual Tax Organizer.

Please provide your identifying information so that we can match this organizer with your client file.
Taxpayer Name*

First NameLast Name
Email*
example@example.com
Phone Number*
Please enter a valid phone number.
Are you filing a joint return with your spouse?*

NoYes
Spouse's Name*

First NameLast Name
Where did you live during the year?*

Foreign countryUnited StatesBoth
While residing outside of the United States, did you or your spouse receive income from wages or self-employment?*

YesNO

Foreign Earned Income Exclusion
Foreign earned income exclusion

You may be able to exclude part or all of wages or self-employment income that you or your spouse earned while residing outside of the United States. To qualify, you must meet one of two tests:
1. Bonifide resident test, or
2. Physical presence test
To meet the bonifide resident test, you must have lived in a foriegn country or countries for the entire year.

To meet the physical presence test, you must have been physically present in a foreign country or countries for at least 330 days out of 365 days period. The days can straddle two tax years (for example, you leave the United States in Year 1 and return in Year 2.)
Describe how you earned your foreign income.*

I worked for a foreign employerI was self-employedBoth an employee and self-employed
Enter your foreign address*

Street Address

Street Address Line 2

CityState / Province

Postal / Zip CodeCountry
Did you reside outside of the United States for the entire tax year?*

YesNo
Did you visit, live or spend time inside the United States during the year?*

YesNo
Enter dates you arrived to and departed from the United States during the tax year.*

Please answer these questions about your visa staus and family situation while living in the foreign country*

	Visa status and Family
What is your visa status?
Does your visa status limit the length of your employment?
Names of family members living with you

Wages from a Foreign Employer
How many foreign employers did you have?*

123

Please provide us with a translated copy of your year-end wage earnings slip from your foreign employer(s).

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	Information about this employer
Employer Name
Employer Street Address
City, State/Province
Country, Postal Code
Value of free lodging provided by employer
Is this employer a US company or is it a foreign company?

	Information about this employer
Employer Name
Employer Street Address
City, State/Province
Country, Postal Code
Value of free lodging provided by employer
Is this employer a US company or is it a foreign company?

	Information about this employer
Employer Name
Employer Street Address
City, State/Province
Country, Postal Code
Value of free lodging provided by employer
Is this employer a US company or is it a foreign company?

Foreign Self-Employment Income
Please complete Pacific Northwest Tax Service's Self-Employment Tax Organizer.

Foreign Rental Income
Please complete Pacific Northwest Tax Service's Rental Property Tax Organizer.

Interest & Dividend Income from Foreign-Held Accounts
Interest & Dividend Income
Please provide the following information for any foreign interest or dividend amounts you received during the year:
1. Name of financial institution
2. Type of income (Interest or Dividends)
3. Gross amount paid to you
4. Any foreign taxes paid on gross amount
5. Currency used to provide this information
You may provide this information in any of the following ways:
1. By entering it in the table below
2. By attaching a spreadsheet or other document with the required information to this organizer (preferred)
3. By uploading to your Secure Portal
4. By delivering a document to our offices
Do you prefer to enter your foreign interest and dividend income into this Organizer, or would you like to attach a separate document that provides this information?*

I will enter into this organizerI will attach a separate documentOther

Enter the amount of interest or dividends received from each account you had. Also provide any foriegn tax paid and the currency used.

	Institution Name	Type	Amount	Tax Withheld	Currency
1
2
3
4
5
6
7
8
9
10

Comments or questions about foreign interest and dividend income
Use this space to provide information to our statff or to ask questions about your foreign interest or dividend income.
Upload documents related to your foreign interest and dividend income here.

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Foreign Pensions and Other Foreign Retirement Income

Enter Pension/Retirement Income Information Here

	Pension #1	Pension #2
Name of payer
Street address of payer
City, state/province
Postal code/country
Contributions you made to this plan
Gross retirement income
Foreign taxes withheld
Net retirement received
Currency used
Self-funded or employer-funded plan?

Comments/Questions About Pension/Retirement Income
Use this space to provide additional information or ask questions about your foreign pension and other foreign retirement income.
Uploaded documents related to your foreign pension here.

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Foreign Social Security & Other Government Benefits

Enter Foreign Social Security/Canada Pension & Other Government Benefits Income Information Here

	Pension #1	Pension #2
Name of payer
Street address of payer
City, state/province
Postal code/country
Contributions you made to this plan
Gross pre-tax benefit
Foreign taxes withheld
Net benefit received
Currency used

Comments/Questions about foreign government benefits
Use this space to provide additional information or ask questions about your foreign social secuirty, Canada Pension or other foreign government benefit programs here.
Uploaded documents related to your foriegn social security, Canada Pension or other foreign government benefits here.

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Foreign Bank Account Information
How do you want to deliver information about your foreign bank accounts?

I will upload with this OrganizerI will upload to my secure portalI will deliver to your officesI will enter it into this OrganizerOther

Foreign bank account questions or comments
Use this space to ask questions or provide addtional information to our staff about your bank accounts.
Upload foreign bank account information here.

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Foreign Pension & Other Foreign Retirement Account Information
FATCA/FBAR Reporting Requirements

The value of your foreign pension accounts is reportable under FATCA and FBAR rules.

For each foreign pension or retirement account you have, the following information must be reported to the IRS, regardles of whether you received a distribution from the pension during the year:
1. Name of insitition that holds or manages the pension
2. Full address, city, state/province, postal code and country
3. Name of the account owner
4. Maximum value of the account during the year.
5. Value of the account on December 31.
6. Was the account opened or closed during the year?
7. Currency in which the pension is held.
How do you want to deliver information about your foreign pension accounts?

I will upload with this OrganizerI will upload to my secure portalI will deliver to your officesI will enter it into this OrganizerOther

Pension Account Informaton

	Pension #1	Pension #2	Pension #3
Name
Street Address
City, State/Province
Country, Postal Code
Account Owner
Opened/Closed?
Highest Balance
Currency

Foreign pension account questions or comments
Use this space to ask questions or provide addtional information to our staff about your pension accounts.
Upload foreign bank account information here.

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Foreign Stock Brokerage Account Information

Foreign Account Tax Compliance Act (FATCA)
While foreign stock holdings are not reportable for purposes of FBAR, they do fall the separate FATCA reporting requirements. U.S. persons with foreign assets in excess of the amounts shown in the table below, must report the value of these holdings with their tax returns.

Satus	Taxpayer's Residency is in:	High Value	Year-End Value
Single filers	United States	75,000	50,000
Joint filers	United States	150,000	100,00
Single filers	Foreign country	300,000	200,000
Joint filers	Foreign country	600,000	400,000

Delivering Stock Holdings Data
You can provide information relating to your stock holding values, buys and sells in the space provided in this Organizer, or by attaching a spreadsheet or other document to this Organizer. For FATCA reporting purposes, we need the following information for each foreign brokerage account you own:

Name of Financial Institution
Street Address, City, State/Province, Country, Postal Code
Name(s) of account owner(s)
Is this a separate or joint account?
Date account was opened
Date account was closed
Highest Balance in the account during the year
Balance in the account on December 31
Currency used for the account
Amount of dividends paid during the year, and the dates received
Date shares were purchased
Date shares were sold

How will you deliver your stock holdings information to us?

I will complete the data entry fields in this OrganizerI will upload a spreadsheet or other document to this OrganizerI will upload a spreadsheet or other document to my Secure PortalI will deliver documents to your offices

Foreign Stock Account Informaton

	Stock Account #1	Stock Account #2	Stock Account #3
Name
Street Address
City, State/Province
Country, Postal Code
Account #1
Account Owner
Jointly Owned?
Date Opened
Date Closed
Highest Balance
Currency
Interest Income

Foreign stock questions or comments
Use this space to ask questions or provide addtional information to our staff about your foreign stock holdings.
Attach your foreign stock holdings documentation here.

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Sale of Foreign-Held Land & Other Foreign Property
If you sold real estate or any other type of foreign property, you are required to report the sale to the IRS. It is important to keep accurate records from when you purchase and sell the property.

For sales of real estate, you should also keep records of any improvements you made to the property while you owned it.

Foreign Property Sale Information

	Property #1	Property #2	Property #3
Description or address of property sold
How acquired
Currency
Date Aquired
Cost
Date Sold
Sales Price
Cost of improvements
Sales expenses

Sale of Foreign Stock

If you sold shares of foreign stock, you are required to report the sale of these shares to the IRS. It is important to keep accurate records of any stock you hold. These records should show all of the the information shown in the illustration below.

Illustration
Description	Number of Shares	Date Bought	Date sold	Currency	Share Cost	Sales Price
Microsoft	20	09/30/2019	08/31/2024	British Pound	139.54	263.20
7 Digital	50	08/17/2018	10/07/2024	British Pound	5.25	0.23
Fisher & Paykel	100	01/28/2019	05/29/2024	Australian Dollar	12.04	18.15

How will you deliver your property sale information to us?

I will complete the data entry fields in this OrganizerI will upload a spreadsheet or other document to this OrganizerI will upload a spreadsheet or other document to my Secure PortalI will deliver documents to your offices

Foreign Stock Sale Information

	Stock Sale #1	Stock Sale t#2	Stock Sale#3
Name
No. of Shares
Currency
Date Bought
Cost
Date Sold
Sales Price

Foreign property sale questions or comments
Use this space to ask questions or provide addtional information to our staff about sale of your foreign property.
Attach documents related to the purchase and sale of your foreign property here.

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Take Photo

Passive Foreign Investment Company (PFIC)
PFIC Reporting Information
The following information must be reported for each PFIC account you held during the year:
1. Name of Fund
2. Street Address, City, State/Province, Country, Postal Code
3. Name of Account Owner
4. Currency in which the fund is held
5. Date fund was first purchased
6. Amount distributed from fund during the year
7. Fund balance on the first day of the year
8. Fund balance on the last day of the year
9. Amounts invested in the fund during the year
10. Number of shares held on the last day of the year
If any shares of the fund were sold during the year, the following additional infomation is also required:
1. Number of shares sold in 2024.
2. Date sold and sales price.
How will you deliver your PFIC information to us?

I will complete the data entry fields in this OrganizerI will upload a spreadsheet or other document to this OrganizerI will upload a spreadsheet or other document to my Secure PortalI will deliver documents to your offices

PFIC or Foreign Mutual fund or Other Foreign Group Investment

	Fund #1	Fund #2	Fund #3
Name
Street Address
City, State/Province
Country, Postal Code
Account Owner
Jointly Owned?
Date Opened
Date Closed
Balance Jan 1, 2024
Balance Dec 31, 2024.
Funds Invested in 2024
Distributions Received
# Shares Held 12/31/2024
# Shares Sold in 2024
Date Shares Purchased
Cost of Shares
Date Sold
Currency
Distributions
Date Bought
Cost

PFIC questions or comments
Use this space to ask questions or provide addtional information to our staff about your PFIC holdings.
Attach your PFIC holdings documentation here.

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Foreign Life Insurance Policy Reporting

Provide information about your foreign life insurance policies here.

	Policy #1	Policy #2	Policy #3
Insurance Co. Name
Street Address
City, State/Province
Country, Postal Code
Account Owner
Jointly Owned?
Date Opened
Date Closed
Highest Balance
Currency

Ownership of Private Company or Partnership
You may be required to file additional information returns if you owned stock in certain foreign corporations or partnerships.

Form 5471

Form 5471 Information Return of U.S. Persons With Respect To Certain Foreign Corporations is required to be filed if you:
1. Own stock in a Specified Controlled Corporation (CFC)
2. Are an officer or director in a foreign corporation and own 10% or more of the corporation's stock.
3. Became a U.S. person while owning more than 10% of a foreign corporation's stock.
4. Had control in a foreign corporation for at least 30 days.
5. Owned stock in a foreign corporation for at least 30 uninterupted days until the last day of the tax year.
Specified Foreign Corporation

The Specified Foreign Corporation (SFC) is a foreign corporation where:
1. U.S. Shareholders own more than 50 percent by vote or value, or
2. A foreign corporation that has at least one U.S. domestic corporation as a U.S. Shareholder, even if the foreign corporation is not a CFC
Form 8865

If you have a controlling interest in a foreign partnership or you own 10% or more of a foreign partnership that is controlled by U.S. persons, you may be required to file Form 8865 Return of U.S. Persons With Respect to Certain Foreign Partnerships with your tax return.

A U.S. person files Form 8865 to report the information required under:
1. Section 6038 (reporting with respect to controlled foreign partnerships).
2. Section 6038B (reporting of transfers to foreign partnerships).
3. Section 6046A (reporting of acquisitions, dispositions, and changes in foreign partnership interests).
Documents Requried to Prepare Form 5471 and Form 8865

Your foreign corporation’s or partnerhip's year-end balance sheet
Information regarding the corporation or partnerhip's operations and loans
A foreign income statement (USD)
How will you deliver the foreign corporation or partnerhip's year-end income statement and balance sheet to us?

I will attach the information to this OrganizerI will upload to my Secure PortalOther
Comments/Questions about ownership of foriegn company or partnership
Use this space to ask questions or provide information to our staff about your ownership of a foreign comapny or partnership.
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Foreign Gifts & Inheritances
Foreign Gifts & Inheritances

U.S. persons (and executors of estates of U.S. decedents) are required to file Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts with the IRS if they:
- Made certain transactions with foreign trusts,
- Are the owner (grantor) of a foreign trust
- Are the executor of an estate for a U.S. person who received a distribution from a foreign trust during the year
- Are a U.S. person or a beneficiary of a foreign trust who received a distribution from the trust
- Received certain large gifts or bequests from certain foreign persons
Foreign Inheritances & Gifts from Individuals
If the aggregate value of gifts and inheritances that you received during the year exceeds $100,000.

Gifts from Foreign Partnerships & Corporations
If you received a gift from a foreign entity, such as a corporation or partnership, you are required to file Form 3520 if the agregate value of gifts received exceeds the threshold amount under §6039F exceeds $10,000. After 1996, the §6039F threshold is adjusted for inflation.

Information Needed to Report Receipt of Foreign Gift or Inheritance
The following information is needed to report the receipt of a foreign gift or inheritance:
1. Date of gift or bequest
2. Description of the property received
3. Fair market value of the property received
Form 3520 Filing Deadline
The due date for filing Form 3520 is usually April 15. If you reside outside of the United States, the due date is June 30.

Late Filing Penalty
The penalty for late filing of Form 3520 is the greater of:
- $10,000
- 35% of the gross value of property you transferred to the foreign trust,
  35% of the gross value of distributions you received from the foreign trust, or
  5% of the gross value of the foreign trust’s assets.
Did you recieve a foreign gift or inheritance during the year?

YesNo
Which of the following applies to the foreign gift or inheritance you received?

I received gifts from a foreign person, or group of related persons, valued at more than $100,000.I received gifts from a foreign corporation or partnership valued at more than $16,815.I received a foreign inheritance valued at more than $100,000None of the above - my gift/inheritance was below these amountsOther
You are required to file Form 3520. Do you want PNW Tax to prepare this form for you?

YesNo

Upload documents related to your foreign gift or inheritance here.

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	Information
Date of gift or bequest
Description of the property received
Fair market value of the property received

Foreign Trust Reporting Requirements
Did you receive income from a foreign trust?*

YesNo
Are you the grantor or owner of a foreign trust?*

YesNo
Did you receive a distribution from a foreign trust during the year?*

YesNo
Did you create or contribute property to a foreign trust during the year?*

YesNo

Income From a Foreign Trust
Reporting Income From a Foreign Trust

Income reporting requirements depend on the relationship you have with the foreign trust, as follows:
- U.S. owner of a foreign trust
  Income of the trust must be reported and included on the owner’s tax return as follows:
  - Form 3520-A is prepared to show the amount and type of income earned by the trust.
  - Each U.S. owner of a foreign trust should receive a Foreign Grantor Trust Owner Statement (Form 3520-A, page 3) from the foreign trust to provide information about the foreign trust income that must be reported on their individual 1040 tax return.
- U.S. beneficiary of a foreign trust
  A U.S. beneficiary of a foreign non grantor trust will report its share of foreign trust income to the extent of distributable net income (DNI). Depending on whether the U.S. beneficiary is a beneficiary of a grantor or non grantor trust, the beneficiary should receive a Foreign Grantor Trust Beneficiary Statement or a Foreign Non Grantor Trust Beneficiary Statement, which includes information about the taxability of distributions the beneficiary has received.
- U.S. transferor of assets to a foreign non grantor trust
  IRC section 684 requires the recognition of gain on certain transfers of appreciated assets to a foreign trust by a U.S. person.
How will income of the trust be reported to you?

I am a U.S. owner/grantor and will be providing page 3 of Form 3520-A to report income from the trust.I am a beneficiary of a foreign trust and will be providing a statement showing the amount and type of income I received from the trust.Other
Questions/Comments about foreign trust income
Use thsi space to ask questions or provide information about income you are required to report on your tax return from the foreign trust.
Upload income statements from the foreign trust here.

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Form 3520 - Transactions with Foreign Trusts
Form 3520

U.S. persons who engaged in a transaction with a foreign trust during the year, are required to file Form 3520 Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. You have engaged in a transaction with a foreign trust if you:
- Received a gift or distribution from a foreign trust
- Transfered property to a foreign trust
- Are grantor or other deemed owner of a foreign trust
- Are executor of a state for a U.S. person who was the deemed owner of a foreign trust
Form 3520 must be filed regardless of the amount received or transferred.

Information needed to prepare Form 3520
Information reportable with respect to transactions with a foreign trust will depend on the type of transfer. IRS categorizes transactions with foreign trusts as follows:
1. Transfers by U.S. Persons to a Foreign Trust
2. U.S. Owner of a Foreign Trust
3. Distributions to a U.S. Person From a Foreign Trust
Information required to report ownership of or transactions with a foreign trust includes:
1. Name and address of the foreign trust
2. Name and address of US agent who can provide the IRS with relevant information
3. Dates and amounts of any distributions
4. Description of property transfered
5. Fair market value of property transferred
6. Any information needed to calculate taxable gains such as U.S. cost basis
Form 3520 Filing Deadline
The due date for filing Form 3520 is usually April 15. If you reside outside of the United States, the due date is June 30.

Late Filing Penalty
The penalty for late filing of Form 3520 is the greater of:
- $10,000
- 35% of the gross value of property you transferred to the foreign trust,
- 35% of the gross value of distributions you received from the foreign trust, or
- 5% of the gross value of the foreign trust’s assets.
You are required to file Form 3520. Do you want PNW Tax to prepare this return for you?

YesNoOther

We need you to provide the following information to prepare Form 3520.

	Input data here
Name and address of the foreign trust
Name and address of US agent who can provide the IRS with relevant information
Dates and amounts of any distributions
Description of property transfered
Fair market value of property transferred
Any information needed to calculate taxable gains such as U.S. cost basis

Upload documents related to the foreign trust here

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Form 3520-A - Information Return for Foreign Trust
Form 3520-A

U.S. persons who are treated as owners of a foreign trust under the grantor trust rules must ensure that the foreign trust timely files a complete and accurate Form 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, and furnishes the required annual statements to its U.S. owners and U.S. beneficiaries. If a foreign trust fails to file Form 3520-A, the U.S. owner must:
1. Complete and attach a substitute Form 3520-A to a timely filed Form 3520, and
2. Furnish the required annual statements in order for the U.S. owner to avoid penalties for the foreign trust’s failure to file a Form 3520-A
Filing Deadline
File a complete Form 3520-A (including the statements on pages 3 through 5) by the 15th day of the 3rd month following the end of the Foreign Trust's tax year. For calendar year trusts, the deadline is March 15.

Extension of Time to File
Apply for a 6-Month Extension of time to file Form 3520-A, by filing Form 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns, with the foreign trust’s EIN by the 15th day of the 3rd month after the end of the trust’s tax year

Penalties for Late Filing or Incorrect Information Reporting
The U.S. owner of a foreign trust is subject to a penalty if it:
1. Fails to file a timely Form 3520-A, or
2. Does not furnish all of the required information , or
3. Includes incorrect information on the return
The amount of the penalty is the greater of:
1. $10,000, or
2. 5% of the gross value of the portion of the trust's assets treated as owned by the U.S. person at the close of that tax year
Information Required to Prepare Form 3520-A
The foreign trust must provide the following information, which will be reported on Form 3520-A:
1. An income statement that shows the trust's income and expenses. The statement must include all income from U.S. and non-U.S. sources and reasonably reflect the trust's income under U.S. income tax principles.
  Income must be categorized to show:
  Interest
  Dividends
  Income (loss) from partnerships, fiduciaries, etc.
  Capital gains (losses)
  Ordinary gains (losses)
  Other income
  
  Expenses must be categorized in accordance with U.S. tax principals
2. A Balance Sheet that lists all assets and liabilities of the trust, including assets and liabilities that are attributable to owners who are not U.S. persons.
3. Names, addresses, and identification numbers (SSN, EIN, TIN) of all owners and beneficiaries.
You are required to file Form 3520-A. Do you want PNW Tax to prepare this return for you?

YesNoOther
PNW Tax will need the following financial documents and information to begin the process of preparing Form 3520-A for you. Select which of these documents are you able to provide.

An income statement that shows the trust's income and expenses. The statement must include all income from U.S. and non-U.S. sources and reasonably reflect the trust's income under U.S. income tax principles.Expenses which are categorized in accordance with U.S. tax principalsBalance Sheet that lists all assets and liabilities of the trust, including assets and liabilities that are attributable to owners who are not U.S. persons.Names, addresses, and identification numbers (SSN, EIN, TIN) of all owners and beneficiaries.
Do you need PNW Tax to prepare any of the Trust's required financial documents?

YesNo
Information/Questions about Form 3520-A
Provide additional information or ask questions about preparation of form 3520-A here.
Upload documents relating to your foreign trust here.
Take photos of your documents with your smartphone and upload them here.
Upload documents relating to your foreign trust here.

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Review, Finalize and Submit this Organizer
I attest that the information contained in this Organizer, fully and truthfully discloses all foreign income and assets for the year. Signature*

Clear
Should be Empty:

Filing status	Taxpayer's Residency is in:	High Value	Year-End Value
Single filers	United States	75,000	50,000
Joint filers	United States	150,000	100,00
Single filers	Foreign country	300,000	200,000
Joint filers	Foreign country	600,000	400,000

Foreign Income & Assets Tax Organizer

Foreign earned income exclusion

Form 5471

Form 8865

Foreign Gifts & Inheritances

Reporting Income From a Foreign Trust

Form 3520

Form 3520-A