IRS · Official form

Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

Form 3520 is the information return US persons file to report dealings with foreign trusts and large gifts or bequests from foreign persons. Fill in the official IRS PDF below and download it.

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What is 3520?

Form 3520 reports three kinds of events: certain transactions with foreign trusts (such as creating one or transferring money to one), ownership of a foreign trust under the grantor trust rules of sections 671 through 679, and receipt of large gifts or bequests from foreign persons or foreign estates. It is an information return, so it reports the events rather than calculating a tax on them.

Executors of a deceased US citizen’s estate may also need to file it. Penalties for late or incomplete filing can be substantial, so it is worth reviewing the current instructions carefully even though the form itself does not produce a tax bill.

Who files 3520?

US persons who created a foreign trust or transferred money or property to one during the year
US owners of any portion of a foreign trust under the grantor trust rules
US persons who received distributions from a foreign trust
US persons who received large gifts or bequests from a foreign person or foreign estate, above the thresholds in the current instructions

How to fill out 3520

Fill in the filer information at the top, including your name, TIN, and which type of filer you are: trust transferor, trust owner, distribution recipient, or gift recipient.
Complete only the parts that apply: Part I for transfers to a foreign trust, Part II for US owners, Part III for distributions received, Part IV for foreign gifts and bequests.
Identify the foreign trust or foreign donor and describe each reportable transaction, transfer, or gift with dates and values.
Download the completed PDF, sign it, and mail it to the address in the instructions. Form 3520 is filed separately from your income tax return.
Keep a copy with your records; if you are also a trust owner, make sure the trust’s Form 3520-A obligations are handled.

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Page 1 55 fields

Page 2 90 fields

Page 3 95 fields

Page 4 130 fields

Page 5 34 fields

29. Did you receive a Foreign Grantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? If “Yes,” attach

29. If “No,” complete Schedule A with respect to that distribution. Also, complete Schedule C if you enter an amount greater than zero on

29. If a foreign non-grantor trust, check “N/A.” N/A.

30. Did you receive a Foreign Nongrantor Trust Beneficiary Statement from the foreign trust with respect to a distribution? If “Yes,”

30. If “No,” complete Schedule A with respect to that distribution. Also, complete Schedule C if you enter an amount greater than zero on

30. If a foreign grantor trust, check “N/A.” N/A.

Schedule A—Default Calculation of Trust Distributions (see instructions). 31. Enter amount from line 27.

32. Number of years the trust has been a foreign trust, including the current tax year (see instructions).

33. Enter total distributions received from the foreign trust during the 3 preceding tax years (or during the number of years the trust has

34. Multiply line 33 by 1.25.

35. Average distribution. Divide line 34 by 3.0 (or the number of years the trust has been a foreign trust, if fewer than 3 years, but

36. Amount treated as ordinary income earned in the current tax year. Enter the smaller of line 31 or line 35.

37. Amount treated as accumulation distribution. Subtract line 36 from line 31. If zero, do not complete the rest of Part I I I.

38. Applicable number of years of trust. Divide line 32 by 2.0 and enter the result here.

Schedule B—Actual Calculation of Trust Distributions (see instructions). 39. Enter amount from line 27.

40a. Amount treated as ordinary income in the current tax year.

40b. Qualified dividends.

41a. Amount treated as accumulation distribution. If zero, do not complete Schedule C below.

41b. Amount of line 41a that is tax exempt.

42a. Amount treated as net short-term capital gain in the current tax year.

42b. Amount treated as net long-term capital gain in the current tax year.

42c. 28% rate gain.

42d. Unrecaptured section 1250 gain.

43. Amount treated as distribution from trust corpus.

44. Enter any other distributed amount received from the foreign trust not included on lines 40a, 41a, 42a, 42b, and 43. (Attach

45. Amount of foreign trust’s aggregate undistributed net income.

46. Amount of foreign trust’s weighted undistributed net income.

47. Applicable number of years of trust. Divide line 46 by line 45 and enter the result here.

Schedule C—Calculation of Interest Charge (see instructions). 48. Enter accumulation distribution from line 37 or line 41a, as applicable.

49. Enter tax on total accumulation distribution from line 28 of Form 4970. (Attach Form 4970—see instructions.).

50. Enter applicable number of years of foreign trust from line 38 or line 47, as applicable (round to nearest half year).

51. Combined interest rate imposed on the total accumulation distribution (see instructions).

52. Interest charge. Multiply the amount on line 49 by the combined interest rate on line 51.

53. Tax attributable to accumulation distributions. Add lines 49 and 52. Enter here and as “additional tax” on your income tax return.

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Frequently asked questions

Is Form 3520 attached to my Form 1040?

No. It is filed on its own and mailed to the service center listed in the instructions, generally by the due date of your income tax return including extensions.

Do I owe tax on a foreign gift I report?

Usually not. Genuine gifts and bequests are generally not income to the recipient. Form 3520 exists so the IRS knows about the transfer; failing to report it is what triggers penalties.

How is Form 3520 different from Form 3520-A?

Form 3520 is filed by the US person involved with the trust or gift. Form 3520-A is the annual return of the foreign trust itself when it has a US owner. Some filers are involved with both.

Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts

What is 3520?

Who files 3520?

How to fill out 3520

Quick fill 3520 on this page

Frequently asked questions

Related forms

Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner

Form 8938, Statement of Specified Foreign Financial Assets

Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return