Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Sep 22, 2021 7:26:52 PM

Does TurboTax ask questions about large foreign gifts and instruct a person to fill out 3520 elsewhere? If a person followed the interview would this question come up?

.

0 3 601
3 Replies
Level 12
Sep 22, 2021 10:54:07 PM

Doesn't look like Turbotax has that form..........https://turbotax.intuit.com/personal-taxes/irs-forms/

Level 15
Sep 23, 2021 5:29:06 AM

The TurboTax  INCOME TAX program doesn't handle or cover GIFT TAX  forms in anyway so it is not part of the interview and neither are the forms.   The fact that this is not covered in the TT program is not really a reason you failed to file the proper gift tax forms.  

Returning Member
Sep 23, 2021 3:39:06 PM

The form 3520 is not gift tax it's an informational filing you file along (usually) with the 1040. Generally TurboTax will ask questions and indicate you may be required to file xyz form but we don't have that form. I knows it's still taxpayers responsibility