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  • 3520-A page 4 => where on 1040?

    From Fred J. Tydeman@21:1/5 to All on Sat Jul 22 22:30:31 2023
    Form 3520-A, page 4 says:
    Report each item on the proper form or schedule of your tax return.
    So, what are the proper places to report those numbers?
    The ones I care most about are the expenses (lines 9 to 14).
    10a Foreign taxes => Form 1116
    ---
    Fred J. Tydeman Tydeman Consulting
    [email protected] Testing, numerics, programming
    +1 (702) 608-6093 Vice-chair of INCITS/C (ANSI "C")
    Sample C17+FPCE tests: http://www.tybor.com
    Savers sleep well, investors eat well, spenders work forever.

    --
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    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
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    << >>
    << The Charter and the Guidelines for submitting posts >>
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  • From Taxed and Spent@21:1/5 to Fred J. Tydeman on Sun Jul 23 01:21:33 2023
    On 7/22/2023 7:30 PM, Fred J. Tydeman wrote:

    Form 3520-A, page 4 says:
    Report each item on the proper form or schedule of your tax return.
    So, what are the proper places to report those numbers?
    The ones I care most about are the expenses (lines 9 to 14).
    10a Foreign taxes => Form 1116
    ---
    Fred J. Tydeman Tydeman Consulting
    [email protected] Testing, numerics, programming
    +1 (702) 608-6093 Vice-chair of INCITS/C (ANSI "C")
    Sample C17+FPCE tests: http://www.tybor.com
    Savers sleep well, investors eat well, spenders work forever.


    My assumption is on Schedule E, the same as for US trusts. From
    Schedule E instructions:

    A U.S. person who transferred property to a foreign trust may have to
    report the income received by the trust as a result of the transferred
    property if, during 2022, the trust had a U.S. beneficiary. See section
    679. An individual who received a distribution from, or who was the
    grantor of or transferor to, a foreign trust must also complete Part III
    of Schedule B (Form 1040) and may have to file Form 3520. In addition,
    the owner of a foreign trust must ensure that the trust files an annual information return on Form 3520-A.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Fred J. Tydeman@21:1/5 to Taxed and Spent on Mon Jul 24 10:18:17 2023
    On Sun, 23 Jul 2023 01:21:33 UTC, Taxed and Spent <[email protected]> wrote:

    On 7/22/2023 7:30 PM, Fred J. Tydeman wrote:

    Form 3520-A, page 4 says:
    Report each item on the proper form or schedule of your tax return.
    So, what are the proper places to report those numbers?

    My assumption is on Schedule E, the same as for US trusts. From
    Schedule E instructions:

    A U.S. person who transferred property to a foreign trust may have to
    report the income received by the trust as a result of the transferred property if, during 2022, the trust had a U.S. beneficiary. See section
    679. An individual who received a distribution from, or who was the
    grantor of or transferor to, a foreign trust must also complete Part III
    of Schedule B (Form 1040) and may have to file Form 3520. In addition,
    the owner of a foreign trust must ensure that the trust files an annual information return on Form 3520-A.

    It looks to me that Sch E, Part III applies to Form 1041 + K-1
    A 3520-A does not have a 1041 nor a K-1.
    A 3520 also has neither.
    ---
    Fred J. Tydeman Tydeman Consulting
    [email protected] Testing, numerics, programming
    +1 (702) 608-6093 Vice-chair of INCITS/C (ANSI "C")
    Sample C17+FPCE tests: http://www.tybor.com
    Savers sleep well, investors eat well, spenders work forever.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From ira smilovitz@21:1/5 to Fred J. Tydeman on Mon Jul 24 12:58:27 2023
    On Saturday, July 22, 2023 at 10:31:26 PM UTC-4, Fred J. Tydeman wrote:
    Form 3520-A, page 4 says:
    Report each item on the proper form or schedule of your tax return.
    So, what are the proper places to report those numbers?
    The ones I care most about are the expenses (lines 9 to 14).
    10a Foreign taxes => Form 1116
    ---
    Fred J. Tydeman Tydeman Consulting
    [email protected] Testing, numerics, programming
    +1 (702) 608-6093 Vice-chair of INCITS/C (ANSI "C")
    Sample C17+FPCE tests: http://www.tybor.com
    Savers sleep well, investors eat well, spenders work forever.

    --

    The foreign trust itself should be reported on Schedule E, Part III. Generally there will be no dollar amounts reported here.To the extent that they are allowable, most of the expenses would flow to Schedule A. Some of them are suspended due to TCJA (
    though they may still be relevant for state tax returns). The treatment for each item is the same as it would be if the item were not sourced from the foreign trust.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)