The exceptions to fill Form 3520 are too many and confusing - is a retirement trust (such as 401k) an exceptions? (the foreign company added sponsored values, that I already added as earned income)
401 (K) is not one of the exceptions. Other similar retirement funds might qualify. To see details on exceptions, click here: https://www.irs.gov/pub/irs-pdf/i3520.pdf ( Under Exceptions Filing)
Hi @LinaJ2020 , what I meant was a sponsored retirement trust fund is one of the exceptions? The code is complicated for an amateur like me to understand. I appreciate your help,
You are correct, Form 3520 is a complex form. Though TurboTax can handle many complicated forms and calculations, Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts is not supported at this time.
The form should be filed separately from your tax return. Here are the IRS links:
IRS Form 3520 - https://www.irs.gov/pub/irs-pdf/f3520.pdf
IRS Form 3520 instructions - https://www.irs.gov/pub/irs-pdf/i3520.pdf