Get the free Form 3520-A

Form 3520-A is the annual information return of a foreign trust with at least one U.S. owner, providing information about the foreign trust, its U.S. beneficiaries, and any U.S. person treated as

How to fill out form 3520-a

How to fill out Form 3520-A

1. Obtain Form 3520-A from the IRS website or your tax professional.
2. Fill in the name and address of the foreign trust at the top of the form.
3. Provide your information as the U.S. owner or beneficiary of the foreign trust, including name, address, and taxpayer identification number.
4. Indicate the type of trust and its tax year in section A.
5. Complete section B, which requires information about the trust’s income and expenses.
6. Fill out section C with information about distributions from the trust during the tax year.
7. Review the instructions to ensure accuracy and completeness.
8. Sign and date the form.
9. Send the completed form to the appropriate IRS address by the due date.

Who needs Form 3520-A?

1. U.S. persons who are owners or beneficiaries of a foreign trust are required to file Form 3520-A.
2. Any U.S. person who receives distributions from a foreign trust may also need to file.

People Also Ask about

Do I have to report a foreign inheritance to the IRS?

Do I need to report foreign inheritance or gifts? If you receive an inheritance from a foreign estate or non-resident alien, or gifts from non-resident aliens exceeding $100,000 (USD), then it must be reported to the IRS. This includes the total of all foreign inheritance or gifts received.

Do I need to report inheritance money to the IRS?

You typically don't need to report inheritance money to the IRS because inheritances aren't considered taxable income by the federal government. That said, earnings made off of the inheritance may need to be reported.

What is the difference between Form 3520 and 3520-A?

If you have an interest in a foreign trust or received gifts from a foreign entity, you may be required to also complete Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520A, Annual Information Return of Foreign Trust With a U.S. Owner.

Who is required to file form 3520-A?

Form 3520-A is the annual information return of a foreign trust with at least one U.S. owner. The form provides information about the foreign trust, its U.S. beneficiaries, and any U.S. person who is treated as an owner of any portion of the foreign trust under the grantor trust rules (sections 671 through 679).

What is the substitute form for 3520-A?

The Substituted 3520-A is an alternative version of the standard Form 3520-A, designed to offer a more convenient deadline for those needing to meet US tax obligations. Typically, Form 3520-A is due by March 15, with a possibility to extend until September 15 using Form 7004.

Can you receive a gift of as much as $100,000 from a foreigner without reporting it?

ing to IRS regulations, if the aggregate amount received from the nonresident exceeds $100,000 during the taxable year, the gift needs to be reported. No taxes are due; this is just a filing/reporting requirement. A few states might want to tax the money, especially if it's an inheritance.

How much tax do you pay on foreign inheritance?

If you're a US citizen or resident alien, you do not have to pay federal income tax on a foreign inheritance. However, if the inherited assets generate income – such as interest or dividends – that income is subject to US income tax.

What happens if you inherit money from another country?

Any gift or inheritance valued at more than $100,000 received from a non-U.S. person each year must be reported to the IRS on Form 3520. This form is titled “Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts.”

For pdfFiller’s FAQs

What is Form 3520-A?

Form 3520-A is an Annual Information Return of Foreign Trust with a U.S. Owner, which is used to report information about a foreign trust and its U.S. owner.

Who is required to file Form 3520-A?

A U.S. person who is the owner of a foreign trust is required to file Form 3520-A.

How to fill out Form 3520-A?

To fill out Form 3520-A, a filer must provide detailed information about the foreign trust, including the trust's details, the U.S. owner's information, and any transactions involving the trust.

What is the purpose of Form 3520-A?

The purpose of Form 3520-A is to ensure that U.S. owners of foreign trusts report their financial interests in such trusts to the Internal Revenue Service, thus complying with U.S. tax laws.

What information must be reported on Form 3520-A?

Form 3520-A requires reporting information such as the trust's name, address, taxpayer identification number, details of the U.S. owner, and any distributions made to U.S. persons, among other specific financial information.