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Foreign Pensions = Foreign Trusts & Foreign Gifts - Completing Form 3520
IRS Program #: X9QQU-T-01088-23-O
CTEC #: 6257-CE-0260
CE: 1 IRS & 1 CTEC credit
Speaker: Fernando Juarez, Esq., LLM, EA
It is very common that U.S. individuals have lived and worked in foreign countries. These individuals frequently hold foreign private retirement accounts, that resemble a pension. Although, these retirement plans may qualify as a pension for foreign purposes, for U.S. purposes, most of those retirement plans qualify as a foreign trust. The definition of a foreign trust under the Code is quite expansive. This presentation will discuss the basic elements of a foreign trust and will provide an approach on how to identify a foreign trust, with an emphasis in foreign pensions. This session will also cover the basics of form 3520 and will discuss also the applicability of such form for the reporting of the receipt of foreign gifts.
- Identify a foreign trust.
- Determine if a foreign pension qualifies as a foreign trust.
- Understand the basics of form 3520 for foreign trusts & foreign gifts.