According to the instructions for form 3520, you may file jointly if If you and your spouse are filing a joint income tax return for tax year 2022, and you are both transferors, grantors, or beneficiaries of the same foreign trust, Otherwise, only your wife would have a 3520 filing requirement.
I would say definitely say this is the first form but don't report this as a final return if you expect more gifts from your foreign relatives, unless you are sure.
According to these instructions from the IRS, form 3520 may be mailed separately but is due by April 18. You may file your return electronically without the 3520.
Returns with attachments may not be efiled but must be printed and mailed in, including all of the attachments.
The 3520 form should be sufficient by itself as long as the gifts have been reported on the form. You may wish to click on the link in my opening paragraph just to see if there are additional requirements. Pay particular attention to the section entitled When and Where To File.
Let us know if you have additional questions.
@sunnyritz14
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