Other definitions.

For definitions of “financial interest,” “United States,” and other relevant terms, see the instructions for FinCEN Form 114.

Line 7a—Question 2.

See FinCEN Form 114 and its instructions at FINCEN.gov to determine whether you must file the form. Check the “Yes” box if you are required to file the form. Check the “No” box if you aren't required to file the form.

If you checked the “Yes” box to Question 2 on line 7a, you must electronically file FinCEN Form 114 with Treasury's Financial Crimes Enforcement Network. A U.S. person that has a financial interest in or signature authority over foreign financial accounts must file the form if the aggregate value of foreign financial accounts exceeds $10,000 at any time during 2025. Do not attach FinCEN Form 114 to your tax return.

For the due date and more information about FinCEN Form 114, see FINCEN.gov .

If you are required to file FinCEN Form 114 but don't properly do so, you may have to pay a civil penalty up to $10,000. A person who willfully fails to report an account or provide account identifying information may be subject to a civil penalty equal to the greater of $100,000 or 50% of the balance in the account at the time of the violation. Willful violations may also be subject to criminal penalties.

Line 7b.

If you are required to file FinCEN Form 114, list the name(s) of the foreign country or countries in the space provided on line 7b. Attach a separate statement if you need more space.

Line 8.

If you received a distribution from a foreign trust, you must provide additional information. For this purpose, a loan of cash or marketable securities is generally considered to be a distribution. See the Instructions for Form 3520 at IRS.gov/Form3520 for details.

If you were the grantor of, or transferor to, a foreign trust that existed during 2025, you may have to file Form 3520.

Don't attach Form 3520 to Form 1040 or Form 1040-SR. Instead, file it at the address shown in its instructions.

If you were treated as the owner of a foreign trust under the grantor trust rules, you are also responsible for ensuring that the foreign trust files Form 3520-A. Form 3520-A is due on March 16, 2026, for a calendar year trust. See the Instructions for Form 3520-A at IRS.gov/Form3520A for details.