While we're on the subject of Schedule B, if you were required to complete Part I or II of Schedule B because you had more than $1,500 in interest payments or ordinary dividend distributions in 2007, you must also complete Part III. Also, every taxpayer who had a foreign account or was a beneficiary, grantor, or transferor to a foreign trust must complete Part III.

Part III asks you to answer "yes" or "no" to two questions. The first question is, did you, at any time during the tax year, have an interest in or signature or other authority over a bank account, securities account, or other financial account in a foreign country? However, do not check the "yes" box if the combined value of the accounts was $10,000 or less during the year; if the accounts were with a U.S. military banking facility; or if you are an officer or employee of a commercial bank supervised by a U.S. agency, or of a domestic corporation listed on a national exchange or with assets of more than $1 million and with at least 500 shareholders, and you had no personal interest in the account.

Otherwise, check the "yes" box if you own more than half of the stock in a company that owns one or more foreign bank accounts, or you directly own or have an interest in such an account. This does not include foreign securities held in a U.S. securities account.

If you checked the "yes" box, you must write the name of the country or countries on Line 7b, and also file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, with the Treasury Department by June 30, 2008. This is not a tax form, so don't attach it to your tax return. You can get a copy of this form by calling 1-800-TAX-FORM, or you can download it from the IRS website.

The second question is, did you receive a distribution from, or were you the grantor of or transferor to, a foreign trust? You may have to file IRS Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. This form can get complicated, so we suggest that you check with your tax advisor if you think it may apply to you.

If you had a foreign investment account, it's likely that you paid some foreign tax on it, and you may be entitled to a foreign tax credit.

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