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This version of the form is not currently in use and is provided for reference only. Download this version of
IRS Form 3520
for the current year.
IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
What Is IRS Form 3520?
This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.
FAQ
Q: What is IRS Form 3520?A: IRS Form 3520 is an annual return used to report transactions with foreign trusts and receipt of certain foreign gifts.
Q: When is IRS Form 3520 due?A: IRS Form 3520 is due on April 15th of the year following the year the transaction occurred or the gift was received.
Q: Who needs to file IRS Form 3520?A: Anyone who has transactions with foreign trusts or receives certain foreign gifts that exceed certain thresholds needs to file IRS Form 3520.
Q: What are the thresholds for filing IRS Form 3520?A: The thresholds for filing IRS Form 3520 are $100,000 for transactions with foreign trusts and $16,388 for certain foreign gifts.
Q: What information do I need to complete IRS Form 3520?A: To complete IRS Form 3520, you will need information about the foreign trust or gift, including the value, purpose, and any income or distributions received.
Q: Is there a penalty for not filing IRS Form 3520?A: Yes, there can be penalties for not filing IRS Form 3520, including a $10,000 penalty for failing to file or an additional 35% penalty on the gross reportable amount.
Q: Can I e-file IRS Form 3520?A: No, IRS Form 3520 cannot be e-filed. It must be filed by mail.
Q: Can I request an extension for filing IRS Form 3520?A: Yes, you can request an extension for filing IRS Form 3520 by filing Form 4868.
Q: What happens after I file IRS Form 3520?A: After you file IRS Form 3520, the IRS will review your information and may contact you if they have any questions or need further clarification.
Form Details:
- A 6-page form available for download in PDF;
- This form cannot be used to file taxes for the current year. Choose a more recent version to file for the current tax year;
- Editable, printable, and free;
- Fill out the form in our online filing application.
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Download IRS Form 3520 Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
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