3520 Box A

[DianeW777]

Yes. Your description is sufficient for the entry requested on Form 3520, Part IV, Item 54(b). It clearly describes exactly what you received.

Line 54.

To calculate the threshold amount ($100,000), you must aggregate gifts from different foreign nonresident aliens and foreign estates if you know (or have reason to know) that those persons are related to each other (see Related Person , earlier) or one is acting as a nominee or intermediary for the other. 

• For example, if you receive a gift of $75,000 from nonresident alien individual A and a gift of $40,000 from nonresident alien individual B, and you know that A and B are related, you must answer “Yes” and complete columns (a) through (c) for each gift.
• If you answered “Yes” to the question on line 54 and none of the gifts or bequests received exceeds $5,000, do not complete columns (a) through (c) of line 54. Instead, enter in column (b) of the first line, “No gifts or bequests exceed $5,000.”
  • IRS Instructions Form 3520

@wolf109 

[wolf109]

In form 3520 there is an item "k.  If an extension was requested for the tax return, check this box and enter the form number of the tax return to be filed:"

I am not sure if I will need to file a tax return extension yet and I am going to send the form 3520 before April 15th. Do I simply skip this item or is it important to state the extension for the tax return if any? Thank you!

[DianeW777]

If you are not sure whether you will file an extension the safe method is to select the checkbox and enter your form (1040).  There is no harm if the return does get filed on time, it will still connect with your Form 3520.

Note. If a U.S. person is granted an extension of time to file an income tax return, the due date for filing Form 3520 is the 15th day of the 10th month (October 15) following the end of the U.S. person’s tax year.

@wolf109 

[brock87]

Very useful thread!

Quick question - do I need to print and send all pages (even blank ones) or just the pages that I filled (page 1 + part IV in my case)?
Thanks!

[DaveF1006]

Just send the pages that you filled out and have information recorded.

[tianwaifeixian]

if I receive gift from 3 persons (A, B and C). A and B are related and tha agreegated amount is more than 100k, but gift from C is less than 100k. Should I only report A and B on 3520 in this case? thanks!