Question About Form 3520

[nolat123]

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? 

[DoninGA · Accepted solution]

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.

[nolat123]

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

[DoninGA]

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@nolat123 wrote:

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

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Correct.

[nolat123]

Thank you