Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen 3520 - Transactions with Foreign Trusts, Receipt of Foreign Gifts (1040)

Form 3520 - General Information

If the T, S, J field contains data, the next available number is automatically entered.
The taxpayer and spouse may file a joint Form 3520 only if they file a joint federal income tax return.
Enter
X
 only if this Form 3520 (and its accompanying Form 3520-A attachment, if applicable) is included in the total number of Forms 3520 (and Form 3520-A) reported on Form 8938, Excepted Specified Foreign Financial Assets, Part IV.
Only the first line of data entry in the attached statement displays on the form.
Enter
1
 if the foreign trust has entered into a binding contract with a U.S. person that allows him or her to act as the trust’s authorized U.S. agent. Information on the U.S. agent must be entered in the
U.S. agent
 field.
Enter
2
 if no such agreement has been established by the time Form 3520 is being filed. Complete the following fields as required.
  • Beneficiaries
  • Other persons with trust powers
  • Summary of all agreements
  • Trust instrument
  • Memoranda or letters of wishes
  • Subsequent variances to original trust documents
  • Other trust documents
  • Trustees
Only the first line of data entry in the attached statement displays on the form.
Enter
X
 to print the Authorization of Agent with the form. In order to authorize a U.S. person to act as an agent, the trust and agent must enter into a binding agreement substantially in this format.
In the attached statement, enter information regarding all reportable beneficiaries, including specified beneficiaries, classes of discretionary beneficiaries, and names or classes of any beneficiaries that could be named as additional beneficiaries.
For all persons with significant powers over the trust who are not listed under Beneficiaries or Trustees, use this statement to enter the applicable information. Examples of persons with significant powers over the trust include protectors, enforcers, or any person that has the power to approve decisions of, otherwise direct, appoint, or remove trustees.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
To indicate the trustee to be reported on Form 3520-A, if attaching a substitute Form 3520-A to Form 3520, enter
X
 in the
3520-A Trustee?
 column. Only the first line of data entry where
X
 is entered in the
3520-A Trustee?
 column is displayed on the substitute Form 3520-A. All other trustees will be listed on Form 3520, if applicable.
This information will only be reported on Form 3520 if indicated that the foreign trust did not appoint a U.S. agent to provide the IRS with all relevant trust information.
If Form 3520 is being filed by the executor of the estate of a U.S. citizen or resident, select the name, taxpayer identification number, address, and date of death of the U.S. decedent and enter the Employer Identification number of the estate. Only the first line of data entry in the attached statement is displayed on the form.
Use this statement to enter the name, identification number (if applicable), and address (including foreign address information, if applicable) or the foreign trust creator, if different from the filer. Only the first line of data entry in the attached statement is displayed on the form. This field is used for Form 3520, Part I.
This field is used for Form 3520, Parts I and/or II.
This field is used for Form 3520, Parts I and/or II.
This field is used for Form 3520, Parts I and/or II.
Use this statement to enter information on foreign trust owners other than the filer for Form 3520, Parts I and/or II.
Use this statement box to enter a description of all document attachments to be referenced in the Form 3520 filing instructions. This is optional, and only affects the filing instructions.
This field is automatically marked if the Final return field is marked.

Part I - Transfers by U.S. Person to Foreign Trust

This information is only pertinent for Form 3520, Part I, lines 8 and 9.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close