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Deductions & credits
The detail option would be the correct method for reporting the amounts requested in the details for line 54.
You would check the yes box to the question asking if you received more than $100,000 during the year. However, in the table, you would only enter those gifts that exceeded the $5,000 reporting threshold. It is possible the overall gift amount will not match the gifts reported in the total box on line 54.
The following screenshots are from the actual Form 3520 and from the specific line instructions for that corresponding section.
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May 17, 2024
9:09 AM
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