Which of the following forms would be necessary to report foreign financial accounts?

Form 8938, also known as the Statement of Specified Foreign Financial Assets, is required for certain taxpayers to report foreign financial accounts and assets. This form is part of the Internal Revenue Service (IRS) requirements under the Foreign Account Tax Compliance Act (FATCA). Taxpayers who meet specific thresholds regarding the value of their foreign assets must use this form to disclose those assets to the IRS.

The necessity of Form 8938 lies in its purpose to increase compliance regarding foreign financial accounts, ensuring that U.S. taxpayers properly report income and financial interests held abroad. By filing this form, individuals help the IRS to accurately assess their tax positions related to foreign income.

The other forms mentioned serve different purposes. For instance, Form 1099-INT is used to report interest income, but it does not specifically address the reporting of foreign financial accounts. Form 3520 is related to reporting transfers to foreign trusts and the receipt of foreign gifts, and Form 8814 is used to report a child's income on a parent's tax return. While these forms are essential in their contexts, they do not fulfill the requirement for reporting foreign financial accounts like Form 8938 does.