msalem06611
I have a question about Form 3520, C 'Check if any excepted specified foreign financial assets are reported on this form...'.
Do I only check this box if we've received a distribution from our foreign trust?
The back story is that both my husband and I worked for the same company and both owned company stock. When our company was sold, the company stock was sold and the proceeds were put into a foreign (Canadian) trust. The first year (2021) the trust distributed the majority of the money to us and over 3000 other employees, but the trust kept some money for admin costs until the sale of the company makes it way through Canadian courts. Each year since (2022 & 2023) we both file a Form 3520 saying we have assets in a foreign trust but haven't received any distribution since 2021. Is Box C to indicate a distribution only?
Each year we also file the FBAR form since our employee foreign trust owns foreign bank accounts.
Thanks!
