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.
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.
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:
Download a fillable version of IRS Form 3520 through the link below or browse more documents in our library of IRS Forms.