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Form 3520 Reporting Requirements for J1 Visa Holders Receiving Foreign Gifts
Hi, I have been a visiting scholar with a J1 visa since June 2022. I am eligible for FICA tax exemption for the first two calendar years and a potential income tax exemption for up to three years (or 36 months of actual presence in the U.S.). in a single tax year 2022,I reveived less than $100,000 from my parents , and my wife receivd less than $100,000 from her parents. In 2023,both of us received more than $100,000 from our parents. For the tax years 2022 and 2023, I was a non-resident and did not file Form 3520. As for the 2024 tax year, will I be considered a tax resident? Should I file Form 3520 as both of us received more than $100,000 from our parents,? If so, should I only report the cash gifts received in 2024, or should I also include those from 2022?
Addtionaly,I am planning to file my taxes for 2024 using TurboTax, but I've noticed that the software does not support Form 3520. How can I file Form 3520 if TurboTax does not include this form?