Foreign accounts

Sparbanken Norrland savings account (SEK).

Preparer Priya Raman · due 2026-03-27

Reviewer Daniel Ortiz · due 2026-04-08

Partner Helen Strand

Erik's savings account at Sparbanken Norrland (Sweden) came from his mother's estate in 2023. Interest SEK 18,450 converted to 1,747 — check the rate used. Highest balance SEK 1,452,300 = 149,567 USD and year-end 123,254 USD (Treasury year-end rate 9.71): Form 8938 is required (Yes) and so is an FBAR — which is outside our engagement. Schedule B Part III: Yes, Sweden.

Every outside filing identified

FinCEN Form 114 (FBAR) 2025 - Sparbanken Norrland Client (outside engagement) · due 2026-10-15 · D36 F8938.1.max D01
Form 3520 for 2023 - inheritance from Birgitta Lindqvist (foreign person, >100,000) Unresolved (prior preparer open item) · due was 2024-04-15 · D07 D36 qa-07
Forms 1099-NEC for Lindqvist Studio contractors (Quintero 4,800, Patel 2,600) Client's business (outside engagement) · due was 2026-02-02 · D27 qa-23
Ada's own 2025 Form 1040 (checked 'can be claimed as a dependent') Ada (consumer software) · due 2026-04-15 · household:ada
Lindqvist Family Woodworks 1120-S and Oregon composite Willamette CPA Group · due — · D39 D40
Ridgeline Fund 1065 and Arizona composite (no partner filing needed) Fund administrator · due — · D37 D38
FTB: transfer the 3,500 2024 credit (paid 09/15/2025) to 2025 Firm, on client's request · due before filing · D68 agency:/ftb_account
SEP-IRA excess contribution - withdraw before due date or Form 5329 Client / custodian · due 2026-10-15 · D26

Checks that don't trust the engine (2)

FX-RATE · Foreign accounts

Swedish interest converted at the 2025 rate

Fails

Engine converted at 2024 average (10.56) - last year's rate. 2025 rate gives 1,871.

Engine 1,747 · recomputed 1,871

How: SEK 18,450.00 (D36) / 2025 average 9.86 SEK per USD.

Authority: IRC 989(b)(3); Treas. Reg. 1.989(b)-1 (average rate for the year)

Evidence: D36 · ref:fx.SEK.2025_average · Lines: SchB.1.6

SchB.1.6 1,747 → 1,871 — Convert at the 2025 average rate.
Tax: fed +43 · CA +9

Explain / dismiss instead

FOREIGN-FILINGS · Foreign accounts

Filings outside this return identified

judgmentoutside filingNeeds judgment

Max value 149,567 USD: FBAR (FinCEN 114) required - outside our engagement (D01), client said they filed 2024 themselves. The account came from an inheritance from Birgitta Lindqvist in 2023 (D36); the prior preparer's open item 'Form 3520 for 2023 - no note of resolution' (D07) is still open: a late 3520 carries a penalty of up to 25% of the gift.

How: Max balance at the Treasury year-end rate; account history on the statement; prior preparer's open items.

Authority: 31 CFR 1010.350; IRC 6039F, 6677

Evidence: D36 · D07 · D01 · qa-07 · qa-08 · Lines: F8938.1.max, SchB.7a

Explain / dismiss instead

Documents (1)

D36

Sparbanken Norrland - 2025 year-end statement (Swedish, SEK)

received 2026-02-20 · client · extracted

landed on the return

F8938.1.max, F8938.1.ye, SchB.1.6, SchB.7a +1

Every line in this area (7)

Show all 7 lines

SchB.1.6	Interest - Sparbanken Norrland (SEK 18,450.00 at 10.56 SEK/USD)	1,747
SchB.7a	Foreign account: financial interest or signature authority	Yes
SchB.7b	Country of foreign account	Sweden
SchB.8	Distribution from or grantor of a foreign trust	No
F8938.1.max	Foreign deposit account - maximum value (USD at 12/31 Treasury rate)	149,567
F8938.1.ye	Foreign deposit account - year-end value (USD)	123,254
F8938.req	Form 8938 required (married filing jointly, US residents: >100,000 at year end or >150,000 any time)	Yes

Sign-off

preparer not signed

reviewer not signed

partner not signed

A sign-off fingerprints every value and document in the area. If anything it covered changes, it reopens on its own and tells the signer what moved.

Time

Area notes