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FederalTaxQuestion

Level 1

Solved

1040 Schedule B Line 8 &Form 3520

1 reply
36 views

I received a small sum of money < $100,000 as a gift from my mother not a US Citizen from Overseas.

1. Do I need to mark "Yes" on Form 1040 Schedule B Line 8. Since I did receive a distribution from a foreign Trust?

2. If I mark "YES" to the above question. The line says "You MAY be required to file Form3520, See Instructions". Since the gift amount is < $100,000 do I still need to file Form 3520 ?

Should I mark YES and NOT file Form 3520 as gift amount is <$100,000 OR mark YES and file Form 3520?

Thanks

Not A Product Question

Alumni - Intuit

You need to mark "Yes" on line 8 of Schedule B. If the amount was less than $100,000 you are not required to file Form 3520. If not required, I would not file it. The filing threshold is as high as it is for a reason. But be prepared to receive a routine letter of inquiry about it, and make sure you have documentation that you can submit if requested.

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Alumni - Intuit

You need to mark "Yes" on line 8 of Schedule B. If the amount was less than $100,000 you are not required to file Form 3520. If not required, I would not file it. The filing threshold is as high as it is for a reason. But be prepared to receive a routine letter of inquiry about it, and make sure you have documentation that you can submit if requested.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"