How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14828
Experience:  15years with H & R Block. Divisional leader, Instructor
14155347
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I filed 3520 $120,000 inheritance I transferred to

Customer Question

I filed 3520 for the $120,000 inheritance I transferred to my US account but I had left a further 20,000 GBP in a joint account with my sister for our dad's use should he need it. I have just been told I should have reported the entire amount on 3520, what should I do now? I also have a problem figuring if I need to do a Form 8938, I have filed 1040 extension. I file jointly with my husband.
Submitted: 11 months ago.
Category: Tax
Expert:  Robin D. replied 11 months ago.
HelloYou can amend the 3520 form. When the new Form 3520 is filed to amend a Form 3520 that you previously filed, check the “Amended return” box on the 3520 Item A.This will allow you to report the correct amount.Having the account with more than $10,000 would require that you report the account. FBAR rules require reporting.The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Unlike Form 8938, the FBAR (FinCEN Form 114) is not filed with the IRS.Your reporting is on the FinCEN Form 114. You do not have enough in the foreign account to require the Form 8938.
Expert:  Robin D. replied 11 months ago.
Checking to see if you responded