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I filed 3520 $120,000 inheritance I transferred to

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I filed 3520 for the...
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: 1 year ago.Category: Tax
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5/11/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,879
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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.
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
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