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Returning Member
posted Mar 22, 2024 6:14:32 AM

Help filling out form 3520

I am married and we file jointly. We only have joint bank accounts and live in California. I was named in the will and the cash inheritance was wired to our joint account from the law firm managing the will.

  1. The 3520 instructions imply that I should not check 1i but the description of beneficiary makes it sound like my partner is a beneficiary even if he wasn't in the will and therefore I should check 1i. Am I supposed to check 1i?
  2. If I DO NOT need to check 1i do I still need to add my spouse ssn in 1d?
  3. Do I leave all boxes blank for initial return, final return, and amended return? The instructions say those are for a trust but the internet is all over the place on whether you do or don't choose one for inheritance.
  4. Section IV row 54. Is "cash" the extent of the description? 
  5. since the law firm handling the will wired the money to each beneficiary,, does that change anything about form 3520? There was no interest earned.

thanks!!

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1 Replies
Expert Alumni
Mar 28, 2024 6:56:54 AM

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