Taxpayers who receive a gift or bequest (inheritance) from a nonresident alien or foreign estate may be required to file informational Form 3520. This form also reports transactions with and distributions from foreign trusts.
Since this form is filed separately from your income tax return (and doesn’t result in any tax owed or refund due), it isn’t a supported form within TurboTax.
If you need to report distributions from foreign accounts, use Form 8938 to report this in your tax return.
You need to file Form 8938 if any of the following are true:
- - You're living in the U.S. and are not married filing a joint return and the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year.
- - You're living in the U.S. and are married filing a joint return and the total value of your specified foreign financial assets is more than $100,000 on the last day of the tax year or more than $150,000 at any time during the tax year.
- - You're living abroad and are not married filing a joint return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the tax year.
- - You're living abroad and are married filing a joint return and the total value of your specified foreign financial assets is more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.
You can find this under Other Tax Situations > Miscellaneous Tax Forms > Prepare a Report on Foreign Financial Assets.
@BookloverinPA
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
