New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How do distributions calculate on Form 3520-A, Part II, line 17?

Answer

Data entry from various areas completes Form 3520-A, Part II, lines 17a, 17b, and 17c.

The tax application combines the following amounts to compute line 17a.

• Total of the FMV column in the Total distributions field in Screen 3520-3

• Amount reported on Form 3520, line 27

The tax application uses the distributions from Screens 3520, 3520-2 and 3520-3 as follows to compute lines 17b and 17c.

• Screen 3520-2: Distributions in the Cash or FMV property received from a foreign trust and Loans from related foreign trust statement dialogs report as follows, depending on which field is marked in Screen 3520.
  • Line 17b: If the Reason(s) for filing, U.S. owner of all or any portion of a foreign trust field in Screen 3520 is marked, the amount reports on Line 17b.
  • Line 17c: If the Reason(s) for filing, U.S. person who received a distribution from a foreign trust, or who is a grantor or beneficiary of a foreign trust from which a loan or uncompensated use of trust property was received field in Screen 3520 is marked, the amount reports on Line 17c.
• Screen 3520-3: Entries in the Total distributions field report as follows, depending on whether the Person Type column in the Total Distributions statement dialog contains 1 or 2.
  • Line 17b: If 1 (U.S. owner) appears in the Person Type column, the total distributions amount reports on line 17b.
  • line 17c: If 2 (U.S. beneficiary) appears in the Person Type column, the total distributions amount reports on line 17c.

Related topic: Form 3520 - Foreign Trust Transactions FAQs (1040)

Was this article helpful?

Yes No

Submit