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Instructions for IRS Form 3520-A
for the current year.
Instructions for IRS Form 3520-A Annual Information Return of Foreign Trust With a U.S. Owner
This document contains official instructions for IRS Form 3520-A , Annual Information Return of Foreign Trust With a U.S. Owner - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 3520-A is available for download through this link.
FAQ
Q: What is IRS Form 3520-A?
A: IRS Form 3520-A is an annual information return that must be filed by a foreign trust with a U.S. owner.
Q: Who needs to file IRS Form 3520-A?
A: Foreign trusts with a U.S. owner are required to file IRS Form 3520-A.
Q: What is the purpose of filing IRS Form 3520-A?
A: The purpose of filing IRS Form 3520-A is to provide information about the foreign trust, its beneficiaries, and any distributions or transfers made during the year.
Q: When is the deadline to file IRS Form 3520-A?
A: The deadline to file IRS Form 3520-A is March 15th of the year following the calendar year for which the form is being filed.
Q: Can IRS Form 3520-A be filed electronically?
A: No, IRS Form 3520-A cannot be filed electronically. It must be filed by mail.
Q: Are there any penalties for late filing of IRS Form 3520-A?
A: Yes, there are penalties for late filing of IRS Form 3520-A. The penalty is generally 5% of the gross value of the trust assets for each month the form is late, up to a maximum of 25%.
Q: Can I get an extension to file IRS Form 3520-A?
A: Yes, you may request an extension to file IRS Form 3520-A by filing Form 7004 with the IRS.
Q: What should I do if I have multiple foreign trusts with U.S. owners?
A: If you have multiple foreign trusts with U.S. owners, you must file a separate IRS Form 3520-A for each trust.
Q: Do I need to report income from a foreign trust on my U.S. tax return?
A: Yes, you need to report income from a foreign trust on your U.S. tax return. You may need to attach additional forms, such as Form 3520 and Form 8938.
Instruction Details:
- This 7-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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