3520 - initial return box not checked

Forum|Forum|2 years ago
October 16, 2023
2 replies
2 views

I just realized the initial return box should have been checked. The 3520 was filed to record a foreign gift. I thought the initial return only applied to trusts. What should I do?

TurboTax Home & Biz Windows

Best answer by pk_

@kws33 , for individuals recognizing gifts etc. from a foreign person / estate / etc. , there is ONLY one filing -- there is no initial / final 3520.

Since you have already filed, don't worry about it -- just rest easy. If the IRS needs something they will definitely come back. Consider that you are done for the year.

Anonymous_

Level 15

@pk12_2?

pk_

Answer

Level 15

@kws33 , for individuals recognizing gifts etc. from a foreign person / estate / etc. , there is ONLY one filing -- there is no initial / final 3520.

Since you have already filed, don't worry about it -- just rest easy. If the IRS needs something they will definitely come back. Consider that you are done for the year.