Form 3520 Reporting Requirements for J1 Visa Holders Receiving Foreign Gifts

[xzmcgr]

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?

[DaveF1006]

Yes, in 2024 you will be considered a resident for tax reporting purposes. You will need to file Form 3520 for 2024 if you received more than $100,000 from a non-resident alien.  This is found in the instructions for 3520. Report only the cash gifts received in 2024.

Form 3520 can be filled out separately and mailed to the IRS since TurboTax doesn't support it. Here is a copy of the form that you may download and complete.