Get IRS 3520-A 2014

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.

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.

However, if you're gifting to parents living overseas, you'll need to pay close attention to the maximum gift you're allowed before taxes kick in. ... But you can currently gift up to $11.4 million from your estate over your lifetime, so you likely won't be required to pay tax on any amount you send from the U.S.

Also, another way for parents to avoid the gift tax is to remember that each parent is entitled to their own individual $14,000 exclusion. This means that your mother and father could each give you $14,000 this year for a total of $28,000 without being taxed on that gift. This is referred to as gift-splitting.

In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000. For 2018 and 2019, the annual exclusion is $15,000.

It is the person who gives the gift who is subject to the tax and has to report it to the IRS. The gift that you received is not considered income but could have some gift tax liability for the giver. ... Anything over that amount is possibly subject to a tax and needs to be reported on Form 709, the Gift Tax Return.

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.