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Level 2
posted Oct 14, 2024 8:29:04 AM

Should I file an amended return?

Hi, I discovered that the "Yes" column for line 8 on1040 schedule B (received distribution from or were a grantor to foreign trusts) is incorrectly checked for 2023. Should I file an amended return to fix this? The IRS ITA tool is suggesting that I don't need to file one.

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1 Best answer
Level 15
Oct 14, 2024 10:51:52 AM

@phb33  this checkmark is important  if there is a need for form 3520  ( US$100,000 threshold ).  Thus  I do not believe that a misplaced check mark   requires  the curative  1040-X ( amended return ).  There is a possibility that the IRS may send you a  note requesting form 3520 ( but it highly  unlikely ).  So no need for an amended return .

 

Is there more I can do for you ?

 

2 Replies
Level 15
Oct 14, 2024 9:10:46 AM

Level 15
Oct 14, 2024 10:51:52 AM

@phb33  this checkmark is important  if there is a need for form 3520  ( US$100,000 threshold ).  Thus  I do not believe that a misplaced check mark   requires  the curative  1040-X ( amended return ).  There is a possibility that the IRS may send you a  note requesting form 3520 ( but it highly  unlikely ).  So no need for an amended return .

 

Is there more I can do for you ?