I have been using Turbo tax to do my taxes for many years. In 2019 my Mom send me a wire transfer from her account in India to mine as a gift. Couldn't find the required info in Turbo Tax help you asking these questions regarding Form 3520.
1. What do i select for Item A . Check appropriate boxes:Initial return Initial return (extension filed)Final return Amended return . This is a gift for 2019. I am filing this form for the first time , and my mom or dad may give me a gift again in future.
2.Me and My wife file our taxes jointly , But this was gift to me . Do i still tick 1i ?
If it was a gift to both of us , where do i put her name?
3. Do i need to fill my Spouse SSN in 1d?
Thanks a lot for helping me out.
You'll need to sign in or create an account to connect with an expert.
You may find it easier to download and print the form and instructions from the IRS web site and do it by hand. (I don't believe Turbotax can e-file this form anyway. It probably needs to be mailed.) You only need to file out the section 1 identification and part IV for the gift.
https://www.irs.gov/forms-pubs/about-form-3520
It appears that the spouse identification items pertain to whether you and your spouse are beneficiaries of a foreign trust. Since this is not a trust return but a gift report, I don't think you need your spouse's info if this was a gift to you only. Since you are filing this gift return for 2019 and it is before the deadline, I would call it a final return. But again, that applies more to the trust function of the form than the gift function.
The 3520 must be mailed and the TT program doesn't handle it. Get the form and instructions on the IRS web site.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
siddjain1
Level 2
AMC6
Returning Member
liux2355
Level 2
taxuser77
Level 2
AndrewA87
Level 4