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Screen 3520 - Transactions with Foreign Trusts, Receipt of Foreign Gifts (1040)
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Form 3520 - General Information
Unit
If the T, S, J field contains data, the next available number is automatically entered.
note
A separate Form 3520 must be filed for transactions with
each
foreign trust.T, S, J
The taxpayer and spouse may file a joint Form 3520 only if they file a joint federal income tax return.
Excepted specified foreign financial assets are reported on this form
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.Foreign trust information
Only the first line of data entry in the attached statement displays on the form.
U.S. agent appointed by foreign trust?
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
U.S. agent
Only the first line of data entry in the attached statement displays on the form.
Attach U.S. agent authorization 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.Beneficiaries
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.
note
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.
Other persons with trust powers
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.
note
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 will all relevant trust information.
Summary of all agreements
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.
Trust instrument
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.
Memoranda or letters of wishes
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.
Subsequent variances to original trust documents
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.
Trust financial statements
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.
Other trust documents
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.
Trustees
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.
U.S. decedent
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.
Trust creator
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.
note
If no data is entered into this statement, the application automatically treats the filer as the trust creator.
Country where trust was created
This field is used for Form 3520, Parts I and/or II.
Country whose laws govern trust
This field is used for Form 3520, Parts I and/or II.
Date trust was created
This field is used for Form 3520, Parts I and/or II.
Foreign trust owners information
Use this statement to enter information on foreign trust owners other than the filer for Form 3520, Parts I and/or II.
note
- In theRelevant Code Sectioncolumn, enter the specific Code section that causes that person to be considered an owner for U.S. income tax purposes. See the grantor trust rules under sections 671 through 679.
- If the filer is an owner, do not enter his or her information in this statement.
Documents referenced in filing instructions
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.
note
Data entry in this statement box will not proforma to the following year.
Delete on next year’s proforma
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.