3520 instructions Form 2023-2024

3520 instructions 2024 Form: What You Should Know

Note : These instructions are for non-residents. You need to complete both columns of Form 3520 each year (first year) or both columns of Form 3520 (each subsequent year).  The instructions for Form 3520 (2022) are the same  1(a) Instructions for Form 3520 (2022) (PDF) NOTE: If you are a foreign person or foreign entity that is an owner, officer, director, trustee or fiduciary of a U.S. person or foreign person, the instructions for Form 3520 (2022) will have a reference number that starts with 7H, 7A or 8F, depending on the type of entity that was the non-resident owners' beneficiary. Use the appropriate section of Form 3520 (2022) (PDF) to determine whether you should report the distribution as a gift to a U.S. person or foreign person. If the distribution does not fall in a category listed in either column of Form 3520 (2022) (PDF), enter the appropriate box a (D), (I), (V) or (S) (depending on your income. A foreign person is a U.S. person or U.S. entity, or a foreign entity that is a U.S. partnership, trust or estate and that is a foreign person or foreign entity (but not any entity that is a U.S. person, including any corporation).  In the case of a foreign trust that is not subject to the foreign estate tax, complete all columns of Form 3520 (2022) (PDF) unless the distribution was made with foreign earned income, and you received foreign qualified dividends. If the distribution is a gift, and it was not included in gross income as a gift, enter in one of the boxes I to V on the first line of Form 3520 (2022) (PDF). (See instructions for Form 3520 (2022) (PDF) for more information about the different ways to report foreign gift and estate distributions and about whether to use Form 3520. If you or your spouse is the actual, principal beneficiary of the foreign trust, see Regulations section 1.671-4(a)(3) for more information regarding Form 3520 (2022).

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