Filing requirements for foreign gift

[ImmigrantUser]

If I receive $70K gift from parents in a foreign country and my spouse receives $80K as well. Do we need to file Form 3520? If Yes, does this form need to be submitted with tax return or can be submitted before tax filing? (e.g. If money is received in April 2024, can we submit this form in June 2024)

[SusanY1]

When the form is required, it can be filed sooner than your tax return, as the two are filed separately. 

The threshold for the reporting is for each of you individually, so it does not sound like you have a filing requirement this year.  Do be aware that it is the total of all gifts in the year, not a single gift, that triggers the requirement to file.