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Level 2
April 7, 2023
Solved

Question About Form 3520

  • April 7, 2023
  • 4 replies
  • 41 views

Hi, I received more than 100k in wired transfer in Feburary of 2023. Will I need to file the form 3520 by April 15, 2023, or April 15, 2024?  Would I get into any kind of trouble if I were to go ahead and file it by April 15, 2023? 

Best answer by DoninGA

For the income received from a foreign person in 2023 you file the Form 3520 for tax year 2023.  The IRS should have the 2023 form available by January 2024 to be filed on or before April 15, 2024.

4 replies

DoninGA
Level 15
DoninGALevel 15Answer
Level 15
April 7, 2023

For the income received from a foreign person in 2023 you file the Form 3520 for tax year 2023.  The IRS should have the 2023 form available by January 2024 to be filed on or before April 15, 2024.

nolat123Author
Level 2
April 7, 2023

So, it is okay and I won't be penalized even if I don't file a form 3520 this year right?

DoninGA
Level 15
Level 15
April 7, 2023

@nolat123 wrote:

So, it is okay and I won't be penalized even if I don't file a form 3520 this year right?


Correct.