Form 3520 Assistance

[errantula]

Last year, I received an inheritance of more than $100,000 from an overseas relative's estate. I understand that I need to complete Form 3520, Part IV, and submit it to the IRS separately from my TurboTax return.

Here's what I'm not sure about:

1. My wife and I file our regular annual taxes jointly. She was not a named beneficiary of the estate. Do we need to use the Married Filing Jointly option on Form 3520, or does that only apply in instances where both spouses are named beneficiaries of the foreign trust?

2. What additional documentation, beyond the form itself, will I need to submit with the form? As far as I know, there is not a U.S. agent associated with the estate (the executor was a relative (also non-U.S.), and I  

2a. Question 18 in Part 1 (Schedule B - Gratuitous Transfers) suggests that I will need to submit a range of documentation related to the estate; is that accurate?

2b. If so, is there a way to file any of these records electronically?

Thanks, 

[DaveF1006]

First of all, here are the instructions for filling out form 3520. This will answer many of the questions you have regarding Gratuitous Transfers and other details. Here are some other things I have noticed about the 3520.

1. There doesn't seem to be a Married Filing Jointly on the form itself. Where did you notice this? This form only addresses the individual that received the inheritance. This doesn't mean you can't file the tax return as a joint return.
2. Read through each of the lines in the instructions.  I notice that line 29 and 30 mentions additional documentation however I don't know if this pertains to you or not. Read it over carefully for further guidance to determine if section 29 & 30 is relevant to you.
3. Line 18 does list specific documentation requirements to be met.  If these have been submitted before a previous 3-yr period, then it mentions to submit only relevant updates.
4.  Your 3520 cannot be filed electronically.  You can download a copy here but you will need to print and mail the form with all of the documentation required. 

Once the form is complete, send to the IRS. Use this IRS link to determine where to mail.