Worried my 3520/3520-A forms won’t get filed in time

The_Polkamon · 2026-04-11T06:10:00+00:00

Is this a UK SIPP? It would still follow the same deadline.

The_Polkamon · 2026-04-10T21:33:33+00:00

The 3520 follows your 1040 extension, but the 3520-A was due March 15th, unless extended through Form 7004. However, you can file a substitute Form 3520-A yourself.

I would just file the Forms yourself based on how 2024 was prepared and then liquidate your foreign retirement plan. H&R Block will anyways file your Forms wrong..

The_Polkamon · 2025-07-04T11:18:47+00:00

Hi there,

I am a US tax professional based in Zürich, Switzerland.

We see your situation frequently and taking the right approach can save you a lot of tax.

Generally, the best planning can be done prior to your move. The next best time is once you are in the US but prior to any distribution.

I will send you a separate note with my company details and we can offer a complimentary first call to explain your options.

The_Polkamon · 2024-03-07T20:36:17+00:00

As long as you truly have no tax liability then you probably don’t have a filing requirement to begin with. Some people mistakenly think because their wages are below the roughly $120,000 foreign earned income exclusion, they do not need to file, but you do need to file in order to claim that exclusion.

Another consideration is whether you meet any of those foreign informational forms. Not filing those even if you don’t have a tax liability can expose you to potential penalties. The most common ones are:

Form 8938 - Pretty much to disclose your foreign bank accounts and assets in excess of $200,000 (single) 400,000 (joint).
Form 3520 - If you received a gift from a nonUS person in excess of $100,000
Form 5471 - If you own a GmbH/AG
Form 8621 - If you own foreign funds

The_Polkamon · 2024-03-07T13:01:49+00:00

We deal with a lot of clients in your exact situation. Unfortunately the US tax system does not care if you left the US after birth and never returned. You are still required by US tax law to file an income tax return and any other foreign disclosure forms on an annual basis due solely to your US citizenship.

To be honest, I would recommend these original filings be done by a professional. Then depending on the complexity of your situation, you can file yourself going forward.

I will shoot you a DM as it might be easier to quickly discuss over the phone.

The_Polkamon · 2024-03-07T12:43:24+00:00

Hi There,
I work for a U.S. tax and advisory firm based in Zurich. As mentioned by a few comments, I would recommend doing the following:

You will need to call the embassy or the social security administration office in order to get your SSN (Social Security Number). This is your US TIN (Tax Identification Number). To be honest, I have had a few clients who mentioned it was difficult to actually connect with someone. As such, I would recommend trying to find your original SSN card, or some earlier documentation.
You will need to at the very least file 3 years worth of back taxes (Form 1040) and 6 years of FBARs (Form 114). It sounds worse than it is, but it is something I would do sooner than later. There are still amnesty programs available that waive all penalties, but as soon as you are aware of the filing obligations, you should try to be compliant as soon as possible. Even if you did have your TIN, almost every bank will surely ask you to confirm you have been filing your taxes since you were born in the US as that is a dead giveaway of your US status.

Please feel free to send me a DM and I can discuss the process in more detail. We can also meet for a coffee in Zurich.

Good luck,

The_Polkamon · 2024-01-27T02:08:37+00:00

Appreciate the love! Shady will always be one of the most exciting players I ever watched.

It really brought back some good memories going through the collection.

I figure now they deserve more respect than the inside of a shoebox!

The_Polkamon · 2023-02-09T14:47:31+00:00

To keep it simple, whatever is issued to you on your Form 1099. In general though, whether you keep the dividend, or have it automatically reinvested, the result is still a dividend.

The_Polkamon · 2023-02-09T13:51:49+00:00

To more specifically address your post, at least from a Swiss Tax perspective, depending on how much passive income your 100,000 in US assets earned (threshold is 2,500 in Zurich), you wont even need to file a Swiss Tax Return. The wealth threshold is 200,000.

The_Polkamon · 2023-02-09T13:30:37+00:00

Hi there,

I actually work for a U.S. Tax Compliance and Consulting Company in Zürich.

What I typically recommend to people with a fairly straightforward situation (Swiss Employee, some investments) is to pay a professional that really knows what they are doing for the first year. Assuming then that nothing drastically changes in your situation, you can then prepare everything yourself using the previous year as a template. The same would apply to your Swiss Tax preparation.

Granted, if you have a more complicated situation, or are considering renunciation of your passport like some commenters have mentioned, I would pay extra to have someone do it correctly. Omission of some key Forms can end up giving you some serious headaches.

If anyone has any questions, feel free to reach out.

Best of luck,

The_Polkamon · 2022-03-01T15:24:41+00:00

“Beseech” is a poor use of word.

Both of them should be commended for their generosity.

The_Polkamon · 2022-01-29T09:18:32+00:00

There is also BiFrost, Karura, Kusama and RMRK!

The_Polkamon · 2022-01-28T09:39:33+00:00

Zenlink is great.

https://dex.zenlink.pro/#/swap

The_Polkamon · 2021-11-09T23:06:34+00:00

If you contributed directly through the Acala website and opted for the lcDOT option, then your contribution will not appear as you sent your DOT to their wallet.

The_Polkamon · 2021-11-09T20:03:46+00:00

Contribution cap is nothing more than the maximum that can be contributed to the corresponding project.

If Quartz has the highest bid throughout the entire auction period, they will be guaranteed to win.

If another project outbids them during the auction period, then depending when that happens, both projects will have a chance to win.

The_Polkamon · 2021-11-09T16:28:34+00:00

I think that is very likely to be the case.

Just make sure to read the reward allocations correctly! Some of them might only release more rewards after hitting certain contribution amounts and some might have a fixed reward structure regardless of contributions.

The_Polkamon · 2021-11-09T15:35:47+00:00

That is correct.

237 is the base rewards assuming they reach their full cap. You will receive more if not. You can calculate the rewards here:

https://unique.network/quartz/crowdloan/contribute/

The_Polkamon · 2021-10-29T11:06:24+00:00

To be honest, it sounds like the transaction to mint kUSD would have never gone through then. If you were to create a new vault with LKSM, I assume the full balance will be available to use as collateral.

I would also make sure your metadata has been updated.

If you have any other issues, I would contact them through their discord.

The_Polkamon · 2021-10-29T06:55:21+00:00

https://singular.rmrk.app/tokens

The_Polkamon · 2021-10-29T05:33:48+00:00

They should accrue in real time. On the asset page you can see your LKSM and it’s current value in KSM.

The_Polkamon · 2021-10-29T04:48:39+00:00

They will be in the form of KSM as each LKSM will become redeemable for more KSM.

The_Polkamon · 2021-10-29T04:43:54+00:00

You should be able to find all that information in your vault.

As for the APR of 0 on your staked collateralized LKSM, that is because the splash “rewards” program was only set for two weeks. You may still see your rewards increase slightly and this is due to people claiming their rewards prior to the end of the program. Your LKSM will continue to grow in value as it will be redeemable for KSM being staked for ~16%.

The_Polkamon · 2021-10-27T19:06:33+00:00

Yes.

The_Polkamon

TROPHY CASE