Get IRS 3520-A 2015

Purpose of Form Form 3520-A is the annual information return of a foreign trust with at least one U.S. owner.

You must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest.

In general, Form 3520 is due on the date that your income tax return is due, including extensions. The Form 3520-A, in contrast, is required to be filed on or before March 15 of each year for the preceding year. The difference in the filing dates is confusing and a trap for the unwary.

While Form 3520 must be printed and paper filed, by mail (it cannot be e-filed), there is no reason that this should interfere with your regular income tax return preparation and filing. Form 3520 is a disclosure document, really, and there is never any actual tax due with it.

IRS Form 3520 is required if you receive more than $100,000 from a nonresident alien or a foreign estate. In addition, gifts from foreign corporations or partnerships are subject to a lower threshold that is adjusted for inflation each year. For 2016, gifts of more than $15,671 trigger the filing requirement.

A foreign grantor trust with a U.S. owner must file a Form 3520-A, and it is generally filed by the trustee of the foreign trust.

You must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest.

Although gifts or inheritances from foreign persons are not subject to income tax or an inheritance tax, if the gifts of money or other property are valued over certain amounts, the recipient the gifts must report them to the IRS.

The good news is, you won't actually owe taxes on the payments you receive from overseas, but you'll still need to report them. You'll need to file Form 3520 and report all overseas payments along with your other forms at tax time. Failure to do so could result in penalties.

Form 3520-A is due March 15. A taxpayer can only extend it by filing Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, separately from the Form 1040. An extension cannot be made by simply extending the due date for Form 1040.

While Form 3520 must be printed and paper filed, by mail (it cannot be e-filed), there is no reason that this should interfere with your regular income tax return preparation and filing. ... You can still use TurboTax to complete your personal income tax return.

You must sign and date the Form 3520. It is not to be filed with your personal tax return, Form 1040. Send Form 3520 to the Internal Revenue Service Center, P.O. Box 409101, Ogden, UT 84409.

Foreign citizens generally don't have liability for U.S. gift tax and therefore don't need to report gifts for those purposes. However, separate IRS regulations require recipients to report a foreign cash gift. IRS Form 3520 is required if you receive more than $100,000 from a nonresident alien or a foreign estate.

In general, Form 3520 is due on the date that your income tax return is due, including extensions. The Form 3520-A, in contrast, is required to be filed on or before March 15 of each year for the preceding year. The difference in the filing dates is confusing and a trap for the unwary.

As long as the decedent who transfers the asset by bequest or is neither a U.S. citizen nor a foreign national domiciled in the United States, no U.S. estate tax is imposed on the transfer. ... Also, the United States also does not impose an income tax on inheritances brought into the United States.